Usd/Chf jumps over 300 pips following announcement that SNB will look to buy currencies to avoid Franc appreciation. SNB cuts 25bps as expected to 0.25% the lowest level since 2003. They have also narrowed the band to 0.00%-0.75%. Gains have stalled out ahead of the key range highs by 1.1890 and with hourly technical studies well overbought and the intervention only "verbal" at this point, we would warn of the potential for a sharp pullback following a break of the 1.1890 highs. Usd/Chf trades 1.1860.
