- Risk Off book performing, mostly from cable and EUR/USD, which is good as the 2 account for >70% of core book risk.
- Have just sold USD/CHF at 0.9533 (+SFH2 @ 1.0477), in half the short EUR/USD amount, thus turning half of EUR/USD short into EUR/CHF short.
- This achieves 2 objectives for me. 1. I want to reduce some of my naked long USD risk. 2. I think EUR/CHF is a good trade from a technical viewpoint as long as we stay below 1.2150. P&L volatility should be reduced from Risk On/Off swings provided the SNB does not spring any big surprise on the peg.
- [Weekly USD/CHF looks like in 5th wave of rally so worth a shot on the short side - though not something I would ever want to try on an outright basis]
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