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EUR/CHF Narrowing Gap With Levels Last Seen in 2015

CHF
  • Amid broad USD upside today, also worth noting the persistent strength in CHF, with EUR/CHF printing daily lows of 1.0459 at typing. This narrows the gap with multi-year low levels printed on Friday/Monday at 1.0448, which may provide decent support.
  • Markets clearly trying to gauge the SNB's implied tolerance level ahead of December's SNB rate decision (on the 16th), at which the board may be forced to strengthen their language around FX policy given EUR/CHF's slip through 2020 lows and levels not seen since mid-2015

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