USD/CHF opened NY near the lows of an unexpected BOE rate hike that drove all the major currencies higher against the USD; then collapsed as the ECB's Trichet failed to include the much anticipated hawkish tone to his post ECB meeting speech - with no foreshadowing of a February hike.
EUR/USD commenced its collapse and the mayhem that followed was quite astounding. Bulls and bears were slaughtered in this vicious whiplash, and wicked cross rate shifts triggered stops in all sorts of currency pairs. The US session high in USD/CHF was 1.2508; the low was near the open at 1.2415 and the close was 1.2500. Crosses re-aligned sharply today, with Swissy suffering against almost all currencies except the Euro.
EUR/CHF dropped from 1.6175 at 7.00 AM NY time to 1.6098 the US session low, and closed at 1.6110. GBP/CHF soared from 2.4165 to 2.4315 over the same time frame, and closed at 2.4305. CHF/JPY opened at 96.80 and closed at 96.25. AUD/CHF & NZD/CHF closed up 35pts & 60pts at 0.9762, and 0.8647 respectively. CAD/CHF traded in a 1.0530/1.0630 range and closed 1.0620.
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