The Swiss Franc rebounded into European trading as the move higher against the Dollar helped offset further Franc weakness on the crosses. GBP/CHF hit another fresh 5-Year+ high in Asia as 2.4759 printed while EUR/CHF continues to struggle to break above 1.6200.
One Swiss player is looking for further strength here and for the move higher to accelerate once 1.6200 is eventually removed. However, both pairs eased as USD/CHF removed stops on the break below 1.2450. Trading against the Dollar is now looking consolidative with stabs lower eyed by bears if EUR/USD can break above 1.3020/30. Looking ahead, the risk profile for the North American session has been increased by the 15:00 GMT release of the delayed US December Leading Indicator data.
Also set for publication at 15:00 GMT is the latest Richmond Fed manufacturing data. Following this the BoE's King speech will draw the attention but it is the Bush "State of the Union" address that has the biggest potential to shock. On the downside, USD/CHF sees more support into the 1.2400 mark with talk of more stops below.
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