• Modest pullback in USD/CHF puts focus on key support at the 200DMA (0.8824)

• Further support sits at 0.88. Close below would be a concern for longs

• As noted previously, Swiss CPI keeps alive the risk of a larger SNB cut

• In turn, the trade leading into SNB is likely a weaker franc

• That said, incoming U.S. data (NFP and CPI) is a clear risk for USD/CHF

• Topside surprises could see 0.8950-0.90 tested

• While a miss could see the pair at 0.8775 (U.S. election swing high)

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