USD/CHF: Bounces Off 1.2110 But 1.2150 To Cap Rebounds

Spot was sold back to 1.2110 but bids ahead of the 1.2100 level propped and the pair has since bounced. The 1.2100 strikes have also rolled off but with the market preferring to think that the PBOC head, Zhou, has been misquoted the US unit is looking to retrace its losses. Into the bounce short-term buyers have been spotted but sellers remain on several large order books to keep the topside looking limited above 1.2150.