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Eur/Chf remains elevated and last........>

EURO-SWISS: Eur/Chf remains elevated and last trades Chf1.1860. Having squeezed
to multi-year highs of Chf1.1880 yesterday, BAML note corporate M&A cross-border
activity may be playing a part in the recent CHF sell-off, but our suite of
positioning indicators suggests that positioning is neutral having been
relatively short towards the back end of 2017 as CHF was a consensus short. BAML
reiterate their medium-term bias for a weaker CHF and believe that the SNB
remains committed to seeing EUR/CHF trade meaningfully above 1.20 before
changing its characterisation from "highly valued". They also maintain their
lower CHF/JPY bias.

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