MARKET TALK: Morgan Stanley Is Long USD/CHF

Morgan Stanley is long USD/CHF having entered at 0.9090 Monday. With persistent deflation in Switzerland, the bank says SNB will remain vigilant in its fight against negative price pressures and therefore strongly defend 1.20 EUR/CHF floor in the immediate future. "We believe CHF will move into the category of funding currencies and as such, are short against USD." USD/CHF at 0.9107.