Today there has been lot of buzz around Swiss Franc's sudden decline against Dollar of about 0.7%, Franc just dropped from 1.024 against Dollar to 1.033, in about half an hour. First check, was to whether there has been intervention from Swiss National Bank (SNB).

Evidence as of now suggest, there has been no intervention. Probably then position sizing is to be blamed. J.P. Morgan pointed out, traders just want to long Dollar and to avoid Euro, since it might be a bit overstretched and there is definitely some direct risks associated with European Central Bank (ECB) announcement next week. Lower liquidity might also have aggravated the movement.

Reuters, in its own report of that suggested speculation that SNB, might follow suit ECB and intervene in the currency market to pop up Euro against Franc.

However, it is important to note that Franc got sold off, more aggressively than Euro today, meaning Euro just went up against Franc, which is kind of odd since ECB is about to fire bazooka next week and given the current rate of EUR/CHF, it should dip lower, Unless, SNB is expected to act before ECB with some form of its own bazooka (unlikely) or Franc has been over expensive compared to Euro.

Probably, it was just speculation just as mentioned above.

However, we at FxWirePro thought of evaluating, whether selling Franc against Dollar makes sense. Before we dip into deeper fundamental over the next articles in the series, we thought of taking much simpler measure - how has the Franc performed this year so far, especially since SNB lifted Euro/Franc floor back in January.

It just revealed (shown in chart), franc has been the top performer among G10 counterparts, comparable only to Pound and Yen.

Bank of England (BOE) isn't pursuing any expansionary monetary policies and in fact looking for opportunity to hike, so little wonder that it outperformed.

Yen's outperformance could attributed to this year's massive risk aversion from slowdown in emerging market, China and big financial market turmoil in August.

Franc's rise can't be attributed to any fundamental especially against Dollar, except for that massive revaluation in January.

So, there could be big opportunities in Franc, as it remains quite overvalued against Dollar, in historical context. Franc's decline against Dollar might just have begun.

While over next articles, we would discuss more fundamental attributes - We can say, selling Franc is do becoming our one of favorite trades heading into 2016.

P.S - Our previous call to sell Franc from 0.92 area and 0.95 area (USD/CHF) has reached target around 1.03, we extend our target to 1.045-1.05 and 1.084.