The CHF maintained its familiar ranges, with EUR-CHF prices holding in close proximity to the 1.5150 area. The cross firmed up from Monday's 1.5118 lows after equity markets posted a broad based rally, which encouraged light speculative interest. USD-CHF was also range bound and traded around 1.0850, which is still within the middle of Friday's 1.0777-1.0924 range. On the whole, activity via the CHF has been limited after several bouts of FX action by the BIS and the SNB. EUR-CHF ran in to mooted quasi-official interest ahead of 1.5100 last week after support under 1.5150 gave way. The risk of further SNB action should temper any further EUR-CHF losses even if risk appetite was to wane. Monday's soft Swiss producer and import prices (fell 5.6% in June from a year ago) should see deflationary concerns persist in the near-term and will see the SNB continue with its easy policy, which has included capping any CHF rise against the EUR.
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