Try as we might this morning, 1.3650 continues to attract buyers. We’ve bounced back toward the 1.3675 level and it looks as though the reports of EUR/CHF buying are at least partially true…

That cross is at session highs of 1.3670 with 10-minutes to go before the fixing.

Risk-aversion is lessening as well, with stocks and commodities both well above early-session lows. S&P -0.2% and CRB down 0.7% versus -1.1% earlier.