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Jun 03 - 11:00 AM

CHF: Improving Risk Caps; Staying Long EUR/CHF - Credit Agricole

By eFXdata  —  Jun 02 - 12:30 PM

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.

"The CHF has been on the back-foot for most of the past two weeks, with progress by EU officials on the mostly grantbased rescue fund helping to guide the EUR/CHF cross higher. On top of that, it appears that the SNB has been continuing to intervene more aggressively in order to limit any safe haven buying interest," CACIB notes. 

"We remain in favour of gradual depreciation although short-term downside may prove more limited with further currency depreciation likely to ease pressure in order to keep up with more aggressive currency interventions," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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