Hearing there are sizable stops above the 0.8550 level. If triggered. might be a good spot to sell some USD/CHF while legging into EUR/CHF via the components. Sell the USD/CHF pop and then sell EUR/USD on rallies…
If risk aversion is to stay high, 1.2000 barriers in EUR/CHF will act as a magnet to the downside before long. The market is a lot less short EUR/CHF today after yesterday’s big rally….
