EUR/CHF extended the three-day winning streak in Asia to 1.1348 (highest level since SNB shock), pushing the 14-day RSI into the overbought territory. It is now most overbought since August 2015. One-month 25 delta risk reversal turns positive • EUR/CHF one-month 25 delta risk reversal rose to 0.162 on Thursday. This is the first positive print since February 2016 and indicates the call options are more in demand • The one-month ATM volatility has jumped to highest level since mid/late April 2017. • The spike in risk reversal along with volatility indicates the bullish trend in the EUR/CHF is here to stay. EUR/CHF ... (full story)