CHF playing its safe-haven role again
Looks like the franc is providing a safe harbor for those who want to be short dollars but are nervous about holding EUR/USD longs amid a rekindling of sovereign debt tensions within Europe.
EUR/CHF has come off to 1.3700 from 1.3780 in early US trade as traders trade in their tainted euro for the less-debt-riddles franc.
Hot money flows have been particularly heavy into the franc against both the dollar and euro and some of the accounts moving out of the majors is not very exchange rate sensitive, if you get my drift.
1.3650/65 is a solid area of support on further EUR/CHF dips.