=> As you know we have been very successful shorting CHF across most crosses here (see related ideas) => With US yields breaking higher we see this as a strategic time to play the repatriation flow into Japan against Switzerland => For Japanese investors moving capital into the US we are starting to see an increasing amount of these positions remain unhedged because of costs being high. This will have to correct, one way or another. => Technically we also like this short because of failing to take the top of the 2018 range signalling early alerts that there is a lot of room to the downside for bears. => GL all