• EUR/CHF is retesting the familiar 0.9395-0.9400 hurdle after retracing most of the Aug 19 drop

• As previously flagged, the still-favourable carry backdrop, makes sustained CHF upside unlikely to last

• With positioning now much cleaner, there is a room for a larger rise in EUR/CHF

• A break above the YTD high at 0.9410 would open the door for a move towards 0.9450

• That said, a better expression for CHF downside could be against AUD, which is already trading at a fresh YTD high
EURCHF daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))