“In January 2015 the SWISS NATIONAL BANK pulled the PLUG on the EUR/CHF PEG, sending the Swiss franc soaring. This was predicted in several posts here at Notes From Underground weeks before the event resulting in major profits for those currency traders who followed our musings. The week of the SNB action resulted in a trading range of 1.0241 to 0.7360.
The following week saw the markets calm as the range was 0.8840-0.8502 with the weekly close at 0.8803. This week we have seen a dollar/Swiss low of 0.8891 so getting close to a major market action critical low. This has resulted in a huge move in the FRANC even as the SNB is printing large amounts of its currency in an effort to STEM its appreciation.
We refer to the SWISS as the greatest ALCHEMISTS of all time as it prints currency and uses it to buy baskets of global equities. Over the last five years, the SNB has become one of the major shareholders in stocks such as APPLE. The Swiss central bank is a hedge fund with its own printing press. Look for the SNB to get aggressive in an effort to halt the rise in the FRANC. Again, interesting times and the value of the Swiss franc is certainly a reflection of the madness.”