that was a good night for me I just happened to be 50% long and 50% short chf it traded through my long stops by at least 10 pips I was asleep at the time and I looked at it and thought, "How could I have possibly lost that much on just one trade?" then I looked at my shorts
just smoked 2500 options... well SNB can sit back for now anyway... so whoever is buying Euro now, thanks.
SNB didn't just stood there. They intervened heavily in the forex market. They took on hundreds of billions of Euros to defend that floor. They actually need to sell these Euros now that the price is going back up, or at least convert to something else. SNB need to unwind their Euro reserves desperately. I think it was like 70% of their reserves were in Euros. LOL. Yeah, so they were buying the Euros like hotcakes to defend it. They almost ran out of ammo, but the Euro is going higher, so they must quickly sell Euros if you ask me.
they already did a lot of diversification. Interestingly, I recently read an article on how the SNB is sitting on a HUGE loss.