The initial probe higher into North American trading failed to stick and as a result USD/CHF continues to trade just shy of 1.2550 with bids into 1.2525/30 looking to prop any dips.Elsewhere, a UK Clearer has backed the US investment house outlook we noted earlier.
The US name is question issued a buy recommendation to its customers for GBP/CHF, suggesting the cross could appreciate towards 2.49/50, and this upward trajectory is mirrored by a recent research note from a quality UK player.
However, the clearer does go on to discuss the potential for one-way risk in the Franc and notes that "such trends can be reversed rather violently". Currently, GBP/CHF trades back below 2.44 having failed to surmount the 2.4425 mark on its initial probe into the 44's. Bids into 2.4375/80 are expected to prop dips with more support into 2.4350.
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