• Most recent uptrend in EUR/CHF from 0.9178 on July 2 running out of steam?

• Cross in stasis of sort after peaking out at 0.9409 on Friday

• EUR/CHF still relatively bid, but carry demand looks to be flagging

• On heavy side in Asia today, off modestly from 0.9405 to 0.9396

• Heaviness above 0.9400 likely to remain barring fresh carry flows

• Some player still hold out for more upside but questionable

• Granted, more upside not ruled out but trade may have already peaked

• Key will be whether EUR/CHF can break below its 0.9388-89 hourly Ichi cloud

• Cloud looks to continue to ascend alongside 100-HMA currently at 0.9388

• Breaks below bearish and project test towards ascending 200-HMA at 0.9368
EUR/CHF hourly:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)