JP Morgan summarizes its bias on EUR and CHF in the very near-term.

'The level to watch on a closing basis is below 1.1340 (38.2 retracement of move from 2025 lows to 2026 highs), on the topside now back above 1.15 and think we would see some squaring and thinking about the Summer," JPM notes.

"CHF strength once again over month end yesterday, and used the dip in USDCHF to get back into longs. Still think short CHF makes a lot of sense, especially in a portfolio where we're long higher yielders elsewhere," JPM adds.