If there is something that markets aren't truly bracing for in my opinion, it is that we are going to see a major pivot by the SNB. The central bank will be in focus this week, though expectations are that they will keep policy unchanged. But come September, it might be a whole different story.
The franc is leading gains in trading today with USD/CHF down 1% to 0.9880. The "relief" bounces in other major currencies don't even come close to that, so I would say that perhaps there are some uneasiness in market pricing on what may happen with the SNB. Even if the central bank is not expected to signal any meaningful pivot yet, there is the potential for a surprise.
In any case, perhaps the technicals are also at play here with EUR/CHF tracking lower as well after a double-top being formed near 1.0500:
The 100-day moving average (red line) at 1.0317 and the trendline support (white line) at 1.0280 will be key support levels to watch next.
