The Swiss National Bank decided to end the peg of the CHF to the EUR. The result was that it caused quite a bit of havoc as long positions were clobbered. Where this settles down to will be hard to say but it will be interesting to follow. It was sure good for gold sending it up around $32.00 at one point. I wonder if they know that the ECB intends to launch a full QE program at the coming meeting on the 22nd of January.
EUR/CHF 5 min chart
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