Credit Agricole CIB Research discusses CHF outlook and sees a scope for a stabilizing phase in the near-term.
"With speculative positioning now closer to balanced territory, there is now less room for position squaring-related downside from here. While we stay bearish the currency, downside from here will prove more gradual. This makes sense, as fresh selling interest may be needed as for instance driven by more progress on the Covid-19 front and subsequently further rising risk appetite," CACIB notes.
"When it comes to monetary policy, no change is expected anytime soon as confirmed by the SNB last week," CACIB adds.