The Franc continued to feel the pressure in the wake of the G7 as the meeting failed to make mention of the "Yen weakness". This effective green light to renewed carry trades saw the CHF sold against higher yielding currencies. Swiss and US sell interest in USD/CHF into 1.2520 was soon absorbed as funds, short-term players and other US investment interest bought.
UK Clearers played both sides and the stops above 1.2525 were triggered on routeto the session high at 1.2547. On the topside, bulls now eye 1.2570/75 as a viable short-term target.On the crosses, offers in EUR/CHF into 1.6255/60 cap with the historic high at 1.6277 above before the speculated 1.6280 exotics and the confirmed 1.6300 barriers. GBP/CHF was forced higher after a bullish buy recommendation from a quality US name.
Offers into 2.44 are capping the move higher for the moment buta break higher is eyed and 2.4450 will then come into view. The research note claimed 2.49/50 was a viable upside target, however, we at IFR would look first to the 2.4759 07 yearly high.
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