I’m hearing from a reliable source that there are some decent bids building on the 91 handle. These buyers are longer-term USD/CHF shorts who are getting a little nervous after the big spike higher in USD/JPY.

The CHF is different to the JPY in that it is also considered to be a commodity currency and so often moves in line with the AUD/CAD/NZD block but the CHF crosses and JPY crosses do tend to move in the same direction, in the short-term at least.