The Swiss franc was the top performer last week

Credit Agricole CIB FX Strategy notes that CHF upside has been limited, irrespective of weakening risk sentiment.

This is, according to CACIB, unlikely to change in an environment in which the SNB continues to apply a policy mix that consists of negative rates and currency intervention.

"Actual data, such as weekly sight deposits, seems to confirm that the central bank has remained active in FX of late, even before risk aversion returned," CACIB adds.

All of the above suggests that the SNB will continue to do its utmost in order to leave the CHF subject to a gradual depreciation trend. Accordingly we advise against buying the CHF, even if investors' appetite for risk assets continues to fall," CACIB advises.

USD/CHF is down 13 pips today to 1.3023. Here's the latest SNB sight deposit data, from earlier today.

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