Spot USD/CHF has slipped back below 1.2040 again after an abortive attempt to probe for additional stops that stalled out at the 1.2059 high. The vulnerable stops are out of the way, and without the relentless buying of GBP/CHF and EUR/CHF which forced those two pairs up to 2.4125 and 1.6386 at the peak, USD/CHF has slipped back down.
GBP/CHF has slipped back to 2.4105, and EUR/CHF has dipped below 1.6380, however there are a few nervous shorts in the latter pair that are eyeing the 1.6390 stops. With no "natural" USD buyers at the moment, and in the absence of the crosses throwing a bid into USD/CHF, spot has declined to 1.2038, and once again feels heavy.
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