EUR/CHF volatilities slide lower as the cross continues to be contained within a tight trading range. After a brief period of stabilization, following last week's heavy losses, the curve is coming under renewed downward pressure in Europe Wednesday.

Both one-month and three-month ATMF implied volatilities are back to levels not seen since March 2010, at 3.25% and 4.25%, respectively.

Twelve-month trades at May 2010 levels, at 7%. Further losses can be expected as ranges hold.