📝Looking to Sell CHF/JPY, Target 169.80: UBS Strategy

CHFJPY is trading at 171.25. Despite the SNB taking the foot off the pedal and speak how a stronger franc is not ideal, the market continues to sell EURCHF and USDCHF on rallies - seems driven by early positioning in January where market was looking to sell any form of X-CHF. Coupled with geopolitical uncertainty, the bid to safe haven has also been the factor. This brings CHFJPY back up to current levels, where the pair is just 60 pips shy of the historical ever high. I like to fade this pair here against 172.00 for good risk reward and unwinding of the JPY shorts. Look to sell CHFJPY at 171.20/40, with stop loss at 172.00 and take profit at 169.80. - UBS Strategy