NAB contend "upside and downside risks on.....>

FOREX: NAB contend "upside and downside risks on EUR/CHF are asymmetric, meaning

greater EUR/CHF upside than upside potential given likely continued SNB

resistance to undo CHF appreciation. As such we maintain the view that CHF asset

exposure is best hedged directly through AUD/CHF rather than proxied via

AUD/EUR. From a corporate hedging perspective, NAB's view on AUD/CHF is that AUD

is at risk of being subjected to some independent weakness in coming weeks and

months, especially as the Federal election draws closer, but that AUD will

benefit at least as much, or more so, than CHF if and when a China-US trade deal

and done and risk sentiment enjoys a durable improvement. We are forecasting

AUD/CHF spending time below CHF0.70 in Q2 2019 before rising back up above

CHF0.71 in H2 2019."