• EUR/CHF once again fails to hold above 0.98

• Latest pullback stems from hotter than f/c Swiss CPI (1.4% vs 1.1%)

• However, Swiss CPI is unlikely to move the needle for the SNB nL1N3H50VW

• Muted move in rate-differentials also points to limited CHF rally

• With support at 0.9680-90 putting a floor under EUR/CHF, upside risks remain

• Although, a close above 0.9840-50 is needed to fuel topside momentum

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