Here we can see the SNB sidelined from aggressively intervening; the rationale behind this comes from EURCHF. The current environment is providing a strong bid for countercyclicals like JPY and CHF; as long as trade tensions remain, global growth will continue slowing and global bond yields will continue to fall.
On the technical side we have room for USDCHF to trade lower from here, falling US yields will keep the USD offered. We have broken the wedge we widely tracked here and those with a background in waves will know a 'iii' impulsive wave is cooking.
The risk to our thesis is that the SNB begins to intervene and actively begin weakening the CHF.
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We may struggle to get filled here..
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Dollar devaluating dynamics will also apply here too; continue to work shorts for the open.