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The trade thus far is in the money and I continue to like holding longs here despite talks in the Senate yielding no concrete resolution. Traders yesterday started pricing in agreement in the Senate, however talks yielded few results and it was subsequently pushed to the House to come up with a plan. It’s hard to keep up with developments, however the latest news is that the Senate is back debating a plan and once again we are hearing senators are confident of a deal. Markets remain hostage to news flow; headline risk around any deal, be it in the Senate or House, will push USD/CHF around.
I continue to like being long USD/CHF and look for higher levels in the coming days.