After taking profits here we are switching sides...

=> As mentioned previously we are not expecting anything but dovish commentary from the SNB later this week.... vol is cheap and we see USDCHF trading back to the previous break down levels.
=> The higher US rates = higher USD narrative is starting to fade so this remains only a short-term play before the hikes later this month. The stage is being set for a mid-term devaluation in the dollar against major currencies. (Despite growth continuing to tick above trend cracks are beginning to appear. )
=> This backdrop on the macro positioning means we see this only as a short-term valuation play using a dovish SNB as the ebb and flow.
=> Good luck to those trading this one in live

Comment:

First target cleared here in USDCHF

Comment:

170 pips well done all

Trade closed: target reached