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- Notable weakness has been seen in the Swiss franc today, losing 0.75% against the dollar.
- USDCHF hovers just beneath the July highs of 0.9275 which if breached would see the pair trading at the best levels since April.
- Earlier in the week we also pointed out a deterioration in CHF positioning according to latest CFTC data, erasing the market's net long amid further evidence that the SNB are intervening ahead of the September policy decision.
- Interestingly the downtrend drawn from the 2020 highs looks to intersect around 0.9280, strengthening the importance of this area.
- A break may have the potential to prompt a move initially targeting 0.9330, the 50% retracement of the 2020 High – 2021 Low price swing.
- For reference, the next SNB meeting/decision is next Thursday, September 23