From: Jeffrey M Matusow

From: Jeffrey M Matusow To: "JeffreyEpsteinin> Subject: CHF Date: Fri, 17 Sep 2010 13:27:11 +0000 Attachments: sg2010091733529.gif; sg2010091733506.gif I attached charts of EUR/CHF and USD/CHF. EUR/CHF has rallied from 1.2825 to 1.32 over the past week on lower inflation and rates expectations in Switzerland. We are bullish the CHF and are targeting 1.25 for a few reasons: - CHF as a safe haven - the SNB revised their 1H growth estimate up from 2 to 2.5% - while we don't expect any rate hikes soon, we expect the SNB will hike well before the ECB We like the CHF vs the USD also, but don't think this is as attractive an entry level. CHF has only sold off by 1.4%, while it is almost 3% weaker vs EUR. I want to go long CHF vs EUR via a forward and by selling CHF puts. Let me know. Jeff Jeffrey M. Matusow JPMorgan Private Bank I 40 West 57th Street, 33rd Floor, New York, NY 10019 Work: 212.622.7053 I Fax: 212.310.0108 I Email: IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA00757021