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Sep 14 - 02:55 PM

CHF: Range Still Holds; Staying Structurally Long EUR/CHF - Credit Agricole

By eFXdata  —  Sep 14 - 01:25 PM

Credit Agricole CIB Research discusses CHF outlook and and maintains a long EUR/CHF position strategically targeting a move towards 1.12.

"The CHF has been fairly well capped for the past week, irrespective of temporarily weaker risk sentiment. All in all, it appears that both still-elevated speculative long positioning as implied by our own data as well as continued SNB currency intervention as indicated by rising sight deposits has been driving most of the latest development," CACIB notes.

"View-wise, we stay in favour of gradual downside with our year-end forecast pointing to levels closer to 1.08 and 1.11 by the end of next year in EUR/CHF," CACIB adds.

Source:
Crédit Agricole Research/Market Commentary

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