[ldshaw]

I agree that CHF has been gaining, particularly against other European currencies. This seems like a trend that will continue for some time. As for USD/CHF, this is a tougher read. The trend has been toward strengthening of USD since March, and I see little reason for this to change in the near future.

GBP will probably continue to lose ground against USD, however, much of the strength the three major European currencies vs USD will depend on our stock market and the price of oil. As oil falls, so goes EUR and CHF, and to a lesser extent, GBP (vs USD). The same has not been true as oil climbed recently. The recent record highs for oil have not been matched by record levels for EUR, CHF or GBP. One would think the tide is turning.