USD/CHF reached a low of .8465 late on Friday afternoon in NY and we are again seeing some aggressive USD/CHF selling emerge during Asia. I’m pretty sure that this is related to the portfolio-adjustment CHF buying which I mentioned earlier. Dealers may well have received some fresh orders to buy CHF at certain levels over the next few hours and they are jumping the gun as usual and front-running some orders. If that’s the case, this move might well be reversed as the dealers try to book some profits. Usual rules apply.