Asian trading centered on the Yen and as a result Swissie was overlooked. USD/CHF pivoted the 1.2550 mark as the standing supply into 1.2360/65 (65 the high from Friday) continued to rebuff advances. However, with carry trade interest on the crosses increasing into European trading the Franc has again spent the morning on the defensive.
Stabs higher in USD/CHF have been witnessed while EUR/CHF is currently attempting to cement the early break back into the 1.62's. Above the All-Time high sits at 1.6237 with the option barriers at 1.6250 still seen as protected. Looking ahead, a busy week for US watchers kicks off only the Dallas & Chicago Fed numbers. Texas Manf. is set for release at 15:30 GMT with the mid-West index following at 17:00 GMT.
The numbers are unlikely to give the Dollar much support in the longer-term as the impending FOMC and Employment reports will garner the bulk of the markets attention. However, should the data be US unit supportive then expect further USD/CHF stabs higher. A UK Clearer is still looking for the 1.2600/05 mark while in the longer-term a Swiss player eyes 1.2770 with EUR/CHF forced back to 1.6300.
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