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According to Danske Bank analysts, CHF support extended further after USD/CHF went through its 2019 low.

Key Quotes

“It is remarkable to us how CHF has seen broad-based support since the central bank (SNB) met in December, strengthening despite fading political risks. One interpretation is thus that the CHF is strengthening as markets have begun expecting a prolonged period of low inflation (CHF positive) without adding to expectations that SNB could offset this via further rate cuts (potentially CHF negative).”