The poor blighters at the SNB can't even get a break from higher European inflation or a lift in the dollar

It's a hard life being the SNB. The Swissy is being dumped at a rigorous rate vs the dollar but it can't get the same vs the euro.

EURCHF has found lots of support around this low 1.0675/700 area and the SNB is never far from the rumour mill when we see strong support here but we're coming down here far too often.

EURCHF daily chart

If we do break these lows properly then the Brexit lows could be the next stop on the journey. As ever, we'll no doubt be hearing about the SNB floating around but we also heard that about the 1.08 level.

The Swiss aren't catching the inflation bug like the Eurozone, and with CPI and core at -0.3% y/y, they're still fighting the deflation battle.

The next CPI data is out on Thursday so the SNB will be hoping that they do start seeing some spillover from the rest of Europe. At the moment, that might be the only help they get.