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The EUR/CHF has had a wild ride in today's Asian session setting a 15-month low at 1.4557 before the Swiss National bank reportedly intervened to boost the euro up almost 300 pips and send the pair to a new high from January 6 at 1.4849.

Since then, the pair has ticked back downwards, falling below the moving average of 55 periods on the hourly charts to currently trade at 1.4685.

The Forex.com Research Desk explains the uniqueness of this morning's event lies in the fact that the SNB "rarely" intervenes in the Asian trading session: "As the word got out that the SNB was in the market, the EUR/CHF pair exploded, covering big figures in mere minutes as it pulled the Swiss Franc lower across the board."

The shock wave from the EUR/CHF jump set off a ripple-effect that hit other currency pairs.

"Once the smoke cleared from the vicious moves," says the Forex.com Research Desk, "the EUR/CHF was trading near 1.4730, while USD/CHF was 80 pips higher at 1.0750, and CHF/JPY shed 60 pips to rest at 83.40 levels. All in all, it was quite a spectacular show to end a busy week in Asia."