Selling of the Franc against the Dollar, Pound, Euro & Yen was noted in the wake of the worse than expected Swiss PMI data released in early European trading. USD/CHF triggered stops in the break above 1.2180 & 1.22 with 1.2214 printing before fresh supply emerged. Bids into 1.2195/2200 are attempting to prop the pullback.
EUR/CHF erased option barriers at 1.6135/40 & 1.6150 in the early European rally and trading here is now consolidating the rally with 1.6175/80 exotic options and the 1.62 barriers now in sight above. One UK Clearer has reiterated that they see the cross heading to a fresh all-time high with 1.6245 their latest target. Looking ahead, US event-risk will dominate the North American session with the Dollar set to react first to the ISM data (15:00 GMT) then to the latest minutes from the FOMC (19:00 GMT).
USD/CHF is expected to trade in synch with EUR/USD in the wake of the publications with dealers taking of 1.23 as the current range top with a run towards the solid bids at 1.2100/10 should the US unit head lower into Thursday.
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