EUR-CHF held on to its firmer tone, with the cross trading up to early European highs of 1.5291. The recent EUR-USD bid was a supportive influence on Monday, but offers ahead of the 1.5300 level have capped further gains. The dollar experienced a bout of short covering from the European open, which saw USD-CHF trade from 1.0590 up to 1.0635. This contributed to the last leg of EUR-CHF buying interest, although it’s likely that broader euro movement will continue to drive action, as will broader market risk appetite. European indices have experienced a bout of profit taking early on, but the backdrop of improved risk should limit corrective action. On the data front, Swiss CPI came in lower than expected at -0.7% m/m and -1.2% y/y, which justifies the SNB policy stance to date. There is a risk that headline CPI will remained pressured in the near-term, which should weigh on the CHF.