Musings from ING on USDCHF and EURUSD
ING are bullish on USDCHF but only on a close above 0.9950.
"USD/CHF looks on the verge of breaking out of its quarterly ranges and we see risk of momentum funds reacting to a close above 0.9950 by initiating fresh long dollar positions. We imagine the central bank is hoping for $/CHF to break through 1.00, which will elicit some upside relief in EUR/CHF."