CHF: Largest decline in two years against USD - BBH

The Swiss franc was the only major foreign currency that fell against the dollar last week and the 2.6% decline was the largest in two years, notes the research team at BBH.  

Key Quotes

“Stops triggered in the euro-franc cross, reports of direct investment-related franc sales for yen, and conviction that the SNB will lag behind the other central banks is thought to be behind the move.  The dollar high in June was near CHF0.9785, and the band of resistance extends to CHF0.9810.  The euro reached its best level against the franc since the cap was lifted in mid-January 2015.  While many have set their sights on CHF1.20, but we suspect strong resistance will be seen ahead of CHF1.17.”