Nordea FX Strategy Research argues that in the short term, the likelihood of a further pick-up in EUR/CHF remains rather high, noticing that almost every potential market parameter is currently in favor of weakening pressure on the CHF.
“But it took some time before EUR/CHF finally rallied on those market conditions, which is why we remain cautious in terms of extrapolating the recent momentum further out. Especially in the medium term when the Italian election looms, with the possible resurfacing of Euro-area political risks.
We expect a gradual rise in EUR/CHF over the forecast horizon,” Naordea argues.
Nordea targets EUR/CHF at 1.16 in 3-month.
Source: Nordea Research
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