I was aware of the Swiss Franc breaking out against the Euro — showing here (note the chart shows the Euro vs the Swissie):

Why didn’t I trade it? Because the Swiss Franc has been held down by Central Bank intervention, and there had been no announcement that the intervention policy was over (not that I expected one). I don’t like betting on binary decisions by bureaucrats or politicians, and that’s what this is, pure and simple. Of course action by the authorities lies behind a lot of financial market news, but deciding whether the CHF is going to come back below its breakout level is a question of guessing what the Swiss central bank is going to do this week, and without telling anyone. The currency is still running up on rumour and insinuation.

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