HSBC - "Whilst the current goodwill towards the EUR remains, the EUR-CHF floor will clearly not come under serious pressure. Our view is that US fiscal woes will become the main focus of the market as we head into the US presidential election. Whilst bad news would usually be expected to lead to USD strength and EUR weakness, we believe that the US-specific nature of such bad news will lead to USD weakness, not EUR weakness. The political events in the US would keep the market focused on the USD and not the EUR; thus removing pressure from the EUR-CHF floor."