EUR/CHF trades flat at CHF1.0763,........>

EURO-SWISS: EUR/CHF trades flat at CHF1.0763, settles just above its multi-year

low of CHF1.0760 printed yesterday as CHF appreciation weighed on the pair. The

franc swam against the tide of improving risk appetite and sold-off into the

European morning, taking EUR/CHF through the recent lows and outside of the

SNB's comfort band. Sight deposits data out earlier this week, however, suggest

the bank are keeping their powder dry.

- U.S. Treasury yesterday added Switzerland to its currency manipulation

watchlist. The SNB commented that the sole aim of its FX interventions is

stymying the adverse effects of excessive franc strength rather than giving the

country any kind of economic advantage. Nonetheless, the Tsy's move puts

Switzerland under pressure to allow the Swissie to firm up.

- Yesterday's low of CHF1.0760, the worst level since Apr 2017, has held firm so

far & remains the initial bearish target. A break below there & trendline

support at CHF1.0755 would expose the psychological CHF1.0700 level. Bulls look

for a jump above the Jan 8 low of CHF1.0783.