Geopolitical drivers were still driving price action but a heavy week of top tier catalysts took some attention away and required our strategists to be more strict with triggers and biases based on scenarios. Overall, we argue that at least half of our strategy discussions were effective, but how well a trader was able to watch news flow and adapt their risk management plans to that was likely more of a factor in outcomes this week. On Monday, we started the week once again with EUR/CHF, and like last week, we were leaning bearish on the pair. This time it was on a potential scenario of Euro area data weakness ahead, the ECB signaling a peak in rate hikes, and the possibility of rising geopolitical risks which have fueled CHF strength recently.