Swiss Franc Vulnerable to a Reversal

With central banks having already said their piece, seasonal, valuation and positioning still looks favorable for the USD. On these measures, the CHF looks vulnerable to a reversal.

CHF could be a major laggard in the coming weeks, yet the CHF is the most overloved currency on most positioning dashboard. It also tracks modestly rich to the USD.

With the major central banks from the Fed, to the ECB and to some extent the BoE largely having said their piece, the CHF could be a major laggard in the coming weeks as the circuit takes a backseat.