Credit Agricole discusses EUR/CHF outlook and maintains a structural long position targeting a move towards 1.15.
"We remain long EUR/CHF as a trade recommendation. Even though better risk sentiment has been weighing on the single currency too, elevated CHF long positioning coupled with rising risk of the SNB considering additional policy action as soon as in March is likely to put a floor below the cross," CACIB notes.
"Last but not least, January CPI out of Switzerland will attract attention. While next week’s data is unlikely to offer much relief on the price front, it will keep the SNB in a position to consider additional easing steps if needed as early as March. We advise against buying the CHF at these levels," CACIB adds.