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Franc Goes Bid As NEC Eyes $2.2bn Deal To Buy Avaloq

SWISS

CHF garners strength following headlines noting that NEC is near a $2.2bn (CHF2.0bn) deal to buy Avaloq, a Swiss banking software provider. BBG sources noted that this would be one of the largest fintech deals this year.

  • USD/CHF last seen -30 pips at $0.9176, with bears looking for a break under Sep 30 low of $0.9163 before attempting a move at the 50-DMA at $0.9132. On the topside, a recoil above Sep 30 high of $0.9245 would open up $0.9296, which capped gains on Sep 25 & 28.
  • EUR/CHF dipped under its 50-DMA and sits -34 pips at CHF1.0751. The rate probed the water below that level in each of the last three sessions but failed to close shy of the 50-DMA. Bearish focus moves to the 100-DMA at CHF1.0734, followed by Sep 17 low of CHF1.0728. Bulls look for a recovery of the 50-DMA at CHF1.0775 before targeting Sep 28 high of CHF1.0830.
  • Per BBG calculations, the Swiss franc has been the best G10 performer this year, despite the SNB's stepped-up interventions to curb its strength.
  • Swiss data highlights this week include foreign reserves (Wednesday) and unemployment (Thursday).
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