EUR/CHF has been moving higher and is closing in on the 1.10 level. What is the outlook for the pair?
Here is their view, courtesy of eFXdata:
Credit Agricole Research maintains a structural bearish bias on CHF, expressing that via holding a long EUR/CHF position targeting a move towards 1.15.
“While easing lockdown restrictions around the globe should help to trigger further stabilising fundamentals, overall risk sentiment may well continue to improve for now. However, some caution in FX may be warranted with increased speculative long positioning in the likes of the EUR having increased position squaring-related downside risks.
“Nevertheless, we expect crosses such as EUR/CHF to continue to remain well supported as we believe the SNB will remain aggressive on currency intervention,” CACIB adds.
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