Re-Post From 9/6/11

Obviously last night the Swiss screwed the most amount of traders it could.

Let’s take a step back and see what this cross really has to do to change course.122 is unchanged on the qtr.( last night’s high). Big picture, this cross would need a close over 125 to put in a convincing qtrly reversal. That is a close the last trading day of this month over 125 EUR/CHF.

The later in the month we get, the bigger the game becomes. Intervention has historically low results, however Central Bankers have learned over the years that you need to paint the chart patterns to turn the Lemmings.

A close today over 89 USD/CHF would see this cross attempting 125