Research discusses its reaction to the US Treasury latest designation of Switzerland  as a “Currency Manipulator."

"The US Treasury released their semi-annual foreign exchange report yesterday. The decision to label Switzerland and Vietnam as currency manipulators for the first time has drawn the most attention amongst market participants," MUFG notes. 

"The SNB has responded quickly by sending a strong signal to market participants that it remains “willing to intervene more strongly” in the foreign exchange market to maintain price stability...Overall, the developments are unlikely to alter the bullish trend currently in a place for the Swiss franc. We are not expecting a faster pace of Swiss franc appreciation going forward. We maintain our short USD/CHF trade idea," MUFG adds.