Conditions remain ripe for Swiss franc gains as global trade concerns grow, but traders are reminded of Swiss National Bank rhetoric from 2017.
SNB's Thomas Jordan suggested CHF was still over-valued versus the EUR at 1.1000.
It's worth noting that EUR/CHF had climbed out of a 1.0632 hole and gained ground above 1.1000 when Jordan made his warning on July 24, 2017.
EUR/CHF is now entering its fifth bear week and dropping below significant support at 1.1166, the 200-WMA.
The latest trade salvo from U.S. President Donald Trump hit another market nerve and raised the question, where does Donald Trump's trade fist land next? Dollar capitulation, sinking yields and hunt for safe havens is driving EUR/CHF lower.
The latest EUR/CHF slide takes it to lows of 1.1120, a level not seen since July 26, 2017.
There is greater chance of SNB market smoothing and rhetoric as the CHF heads towards the 1.1100 level.