Since breaking historical support overnight around 0.9300, USD/CHF has made one attempt to rally which was immediately snuffed. Look for offers to line up in the 0.9300/10 area on rebounds. We trade now at the 0.9258 level.
Other big signs of risk aversion is large-scale selling of GBP/JPY by institutional traders, London sources say.
There has been strong demand for downside strikes in USD/JPY today. Two weeks ago, it was all demand for upside strikes.
Emerging markets are seeing accelerated outflows given the rise in geopolitical strife. This is usually dollar supportive but it has not helped very much yet.
