A reminder to all those with a position in EUR/CHF: The Swiss Gold Referendum will be held on Sunday. The latest poll showed that only 38 % support it and the general view is that there is a very low chance that the referendum could pass. A “yes” vote would make it very difficult for the SNB to defend the 1.20 floor and cause havoc in the EUR/CHF as all those stops sub-1.20 would get cleared.
However, it is highly unlikely that the referendum will pass and we’ll likely see a relief rally in that case. I wouldn’t expect a massive rally, but a move back to 1.2060 should be doable.
Good luck!
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