A Swiss name is reportedly the best of the earlier buyers in both USD/CHF and EUR/CHF. However, they have since passed the baton to a US investment house with the name in question now seen buying the Dollar pair. Both their NY and London offices have been spotted on the toys and this demand has helped elevate USD/CHF towards the 1.2250 level.
1.2244 represents the current session high but better sized supply is tipped to sit from 50 back to 1.2260. Against the Euro the Franc has been corrective since the European bounce off 1.5932. Offers into 1.6000/10 are attempting to curb further strength after the already mentioned Swiss name Euro buying. Corporate interest to sell the cross is behind the latest offers with one Swiss name still tipping 1.58 as a Q2 target.
Looking ahead, Swiss data is due tomorrow but GDP numbers could largely be overlooked as the markets awaits the outcome of the March 15th SNB meeting. Many still opt for Roth and Co. to hike rates by a further 25bps but there is a very clear cut argument for rates to be left on hold as price pressure is still benign.
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