USDCHF | Strong CHF | 1.0020 – 0.9650 - Geopolitical risks are elevated and has pushed funds into CHF, which may cause the SNB to intervene if it appreciates too rapidly. - Further rate cuts by the SNB may be needed and the SNB may even expand its balance sheet if necessary. Should Italy fears re-escalate, the SNB will remain “active in the FX market as necessary.” - Key SELL area 1.0030/0.9980