Tuesday saw Bank of America Research.....>

EURO-SWISS: Tuesday saw Bank of America Research note that "Mar-May has been a

busy phase for the SNB. After a period of benign activity, it has been forced to

step up its defense of EUR/CHF. Using weekly sight deposits as a proxy,

interventions to weaken CHF have been exponential and the pace of accumulation

is similar to previous periods where the SNB has been active in its efforts to

support EUR/CHF. The missing link now is the question of a new EUR/CHF peg. We

think the risks are low but given previous SNB modus operandi we cannot

completely rule it out. Nonetheless, we think a number of dynamics are likely to

underpin CHF. These include reserve managers preference for defensive assets,

resilience of the Swiss economy to the pandemic and focus on EZ debt dynamics in

the post-global recession environment."

- Ultimately they suggest that the "path of least resistance remains for CHF to

grind higher and for EUR/CHF to breach 1.05 as EZ debt concerns dominate

medium-term."