Just like Kampo is buying USD/JPY, so also are the SNB and BIS buying USD/CHF. The levels to watch are 81.80 in the former and .9390/.9400 in the latter.
In a nutshell, the interbank prop traders I’ve spoken with today are long EUR/USD ahead of 1.3570, with tight stops in play, and they are long USD/JPY and USD/CHF with stops below 81.65 and .9385 respectively. The only reasoning behind their positioning is the official buying which is still taking place.
