Danske Bank FX Strategy Research argues that with an ECB exit from negative rates still not in the cards, the SNB could be forced to sell CHF still.
“As we do not think the ECB is rushing for the exit, it will take some time for this long-standing undervaluation in EUR/CHF to be corrected but the imminent down pressure should be gone for now,” Danske argues.
In line with this view, Danske sees the cross at 1.09 in 1-month, before rising towards 1.10, 1.12, and 1.15, in 3, 6, and 12 month respectively.
Source: Danske Bank Research
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