The SNB Floor

For 3 years the Swiss National Bank (SNB) has spent billions maintaining the 1.2000 mark on the EURCHF.

Suddenly this evening in a deliberate move after months of reassurances, te SNB does an about turn and decides not to maintain that floor.

Suddenly all hell breaks loose, EURCHF tanks to a low of 0.84 (40% drop) before now recovering to around 1.02.

Whole market is in turmoil and only just begun to pick up the pieces. 

The next few days will be rather interesting.