EUR/USD, GBP/USD, USD/CHF flows: USD/CHF Leads the Europeans

European trading has seen a soft start for the USD, as sentiment and end of year flows keep the USD on the defensive.  While the main short-term focus is the Asia surge in the JPY, the USD also remains soft against European majors.  Once again USDCHF is moving ahead of EURUSD and GBPUSD, with EURCHF having dipped down to 0.9320 in Europe.  The fact that USD/CHF and USD/JPY are leading the way is worth watching just in case the USD selloff broadens.  However, traders note that once end of year flows pass, that the USD could see a brief bounce in the New Year.  For the CHF, USD/CHF is key, as the supports on EUR/CHF are weaker than the key 0.8320 on USD/CHF.