Credit Agricole: SNB May Have Intervened to Curb Swiss Franc's Rise Yesterday

SNB Intervention and Swiss Franc: The Swiss National Bank (SNB) may have intervened to prevent the Swiss franc from gaining too much strength amid rising US-Iran tensions, particularly around the key EUR/CHF level of 0.90.

Market Reactions: The initial market response to the US-Iran conflict has been mixed, with the Swiss franc showing safe-haven characteristics, but not leading to widespread panic in the bond market.

EUR/CHF Fluctuations: The EUR/CHF exchange rate fell to 0.9025 before recovering to above 0.9100, indicating volatility and potential intervention by the SNB to maintain stability.

Psychological Levels and SNB Strategy: Maintaining the 0.90 level in EUR/CHF is significant for the SNB, which has been cautious in its public statements to avoid potential backlash from the US administration.