Some ‘in’ players turning short CHF
Cititechs had been short EUR/CHF but booked a 300 pip profit yesterday and now their tactical team have gone long EUR/CHF. These tactical decisions are usually based on good market information.
JP Morgan also recommended a short EUR/CHF technical trade earlier this week but one of the ‘cleverer’ hedge funds had been short EUR/CHF and booked a very nice profit. Now one of the bigger Swiss players has recommended a reduction in USD/CHF shorts.
I can’t see any technical reasons behind these calls but perhaps they know something which we don’t yet know.