With the SNB quarterly bulletin widely anticipated USD/CHF spent the majority of the European morning stalling inside recent ranges. However, on the crosses the CHF continues to be used as a funding tool for various carry trades with EUR/CHF, GBP/CHF & CAD/CHF all noting flows from players happy to continue holding such positions.
USD/CHF traded inside the late Asian 1.2360/80 band for the bulk of the European morning until the late push to 1.2390's. Offers remain on various books back to the 1.2400 with any break into the 1.24's once again said to eye the failure high from yesterday at 1.2412. Looking ahead, there is little US data set for release into North American trading so the Dollar may have a free-pass for the afternoon.
On the crosses, EUR/CHF has retested 1.6140 but bulls will keep one eye on the 1.6175 failed high from earlier in the year. Elsewhere, GBP/CHF hit a 57-month high as 2.40 finally gave way. 2.4064 has been hit thus far but should the topside stay in focus 2.46 beckons.
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