CHF order books are thinning outside the Zurich session. Here is how our desk adapts sizing and stop placement.
Where the liquidity actually sits
The bulk of CHF depth still forms in the two hours after the Zurich open, when domestic banks refresh quotes and hedging flow from corporate treasuries hits the market.
Outside that window, top-of-book size falls materially, which changes the cost of a market order far more than the headline spread suggests.
Practical sizing rules
We scale clip size to observed book depth rather than a fixed lot. A 500k clip that is invisible at 10:00 can move the mid by a full pip at 18:00.
Written by the Helvetia Markets trading desk in Zurich. General information only, not investment advice.
