This morning a reputable German has noted in their research that they remain bearish on the Swiss Franc. In the wake of the latest SNB announcement, that Jordan is to replace Blattner, they see the EUR/CHF path to 1.60 cemented and they are looking for a break in USD/CHF above 1.2560 in the short-term.
They see the 1.2605/35 zone as the next key topside level in USD/CHF with any break above here targeting 1.2735 in the longer-term. Against the Euro, they cite 1.6055 as a longer-term target for the cross while trading remains above the key longer-term support at 1.5920. However, thus far this view has been largely overlooked.
With the embattled US unit weighed on by the impending US trade release (13:30 GMT) the Franc was able to eke out gains in the European morning as SECO published Q4 consumer confidence that showed a fresh 5-yr high (+13 Vs +12 in Q3). USD/CHF was sold back to 1.2475 but 1.2450 is seen as the key downside trigger with 1.2400 then eyed, while on the topside offers are seen into 1.2500/05 and again into 1.2525/35.
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