Based on the following table, calculate the forward discount (or forward premium) at which USD is trading against CHF for a 6-month delivery. Which currency is trading at forward premium for a delivery in 3 months? Explain. USD equivalent Currency per USD CHF 1.0697 0.9348 1-mos forward 1.0700 0.9346 3-mos forward 1.0705 0.9341 6-mos forward 1.0715 0.9333 GBP 1.5733 0.6356 1-mos forward 1.5729 0.6358 3-mos forward 1.5723 0.6360 6-mos forward 1.5713 0.6364