Snapshot: USD/CHF is trading around 0.7861, marginally firmer. The dominant driver remains the SNB’s active easing posture, reinforced by Schlegel’s recent comments leaving the door open for a return to negative rates. Focus remains on the SNB’s willingness to intervene in FX markets.
- A break above 0.7880 would suggest further USD strength.
- Risk lies in any surprise hawkish hints during upcoming SNB speeches, though unlikely.
Bias into NY: Mildly bullish USD/CHF as the market continues to price in further SNB easing; eyes on a potential test of 0.7900. US yields, having softened in recent sessions, may offer limited resistance given the prevailing SNB stance.