EUR-CHF ran in to good resistance around 1.5255 and edged back in to the 1.5235 area. The broad pick up in risk appetite has been a supportive factor for the cross, although the softer dollar backdrop has hampered upward momentum to a degree. USD-CHF traded back in to the 1.0650 area in early Europe, close to where it found support during Monday’s session. A break of 1.0650 is expected to trigger a flurry of stops and open up the downside to last week’s 1.0621 low. Elsewhere, the UBS consumption index posted its sharpest monthly rise in one year after it came in at 0.96 in June from 0.75 in May. UBS said “while the index points towards modest expansion in Swiss private consumption in June, the future environment remains difficult”. We expect consumption to drop off in H2 as rising unemployment impacts consumer spending.