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SWISS: CHF remains particularly weak against all others in G10 including the
JPY, with CHF hitting multi-month lows against many of the majors. USD/CHF
continues to rally having broken above 1.01 last week to hit 1.0201, the highest
level since early January 2017. The contrasting performance between the JPY and
CHF so far this week follows touted exporter demand for JPY and market
positioning ahead of the extended closure of Japanese markets next week, with
Golden Week holidays expected to trim trading activity in JPY across Asia-Pac
hours. EUR/CHF has also broken higher in recent sessions, prompting bulls to
target the 1.15 level (hasn't traded above since early August).
-Market positioning continues to stack against the CHF also, with USD/CHF risk
reversals curve shifting higher in recent sessions in favour of USD/CHF calls.
The market moves also follow a slightly under-the-radar shift in communication
from SNB members who have shifted tone to emphasise the policy room that the
central bank still have with which to combat deflation and a strong currency.