Re: usdchf

Research Spotlight "Don't Bet On The Yen" UBS G10 FX Strategy Yen bulls should beware. While the chances of direct FX intervention are hampered by the tensions it would raise with Japan's trading partners, the authorities have other options yet. When USDJPY was at 85 in December, the BoJ surprised the market by announcing offers of 3m yen liquidity, helping check yen strength. With the market increasingly long yen, a Fed that's made its policy moves for now and a BoJ with other tricks up its sleeve, the yen is not a one-way bet. Please see the "Don't Bet On The Yen" Note on www.ubs.com/fx for details.