Several speculative accounts have been caught in the bounce off 1.2336 in USD/CHF. The names in question are said to have sold into the lows before the spot bounce on news of solid bids into the 1.2330 mark. Stops are reported to range from 1.2390 back to above 1.240 with the above names said to be getting jittery on a run at the figure.
However, selling into strength is likely to perforate the North American morning ahead of the early close and long-weekend. As a result, we expect the price to remain sub-1.24 with a retest of the 1.2400 level viable once the Franc buying back accelerates.
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