G10 FX Daily Report - 20th July 2026. Mon Jul 20 2026

Research evidence excerpt

G10 FX Daily Report - 20th July 2026. Mon Jul 20 2026

Laoise Ni Thighearnaigh AC Sales & Trading J P M O R G A N

laoise.nithighearnaigh@jpmorgan.com G10 FX Daily Report - 20th July

JPMorgan Chase Bank N.A, London Branch 2026

20 July 2026

CHF Both EURCHF and USDCHF chopping around in a 30 pip range the last few days with no clear

direction. Still remain bearish on CHF however losing conviction a little given it is well owned

in the HF world. Systematics remain long of CHF, but there is little evidence they are

unwinding, and so whilst the backdrop right now remains hard to trade, have crossed up my

short CHF with long JPY to sit neutral on the dollar.

CAD Further escalation in the Middle East over the weekend has been tempered somewhat by

comments made by the Iranian foreign ministry, offering the first indication that an off-ramp

could be on the horizon. CAD has been supported via the ToT avenue since the MOU was cast

to one side, bringing about a retracement towards 1.40 in the pair. While our bias remains to be

short CAD, we rather see more position reduction and spot dropping below 1.40 before re-

engaging. CPI is the main event this week, although it’s unlikely to be a game changer for the

BOC, followed by retail sales on Thursday. Flow-wise, the franchise saw modest FM demand

for the loonie on Friday.

SEK In my last commentary on the 10th, Brent was on a $75 handle and I had closed my EURNOK

short after a weak inflation print. Fast forward to this morning and an escalation in the M/E sees

Brent back above $90 and EURNOK heading back towards 11.00, despite a weak core inflation

print that mirrored the headline number the week before. The 100D can be found at 11.0360, the

50D is at 10.9958 and a close below suggests further downside, while rallies towards trendline