Jens Pedersen, Senior Analyst at Danske Bank, sees the cross extending its consolidative theme for the time being.
“EUR/CHF has been trading in the 1.08-1.09 range over the summer as the SNB has capped CHF appreciation via FX interventions”.
“We expect the SNB to remain active in the FX market and still expect EUR/CHF to remain range bound in the coming months, targeting the cross at 1.09 in 1M and 3M”.
“Longer term, we continue to expect fundamentals to support a higher EUR/CHF and keep our 6M and 12M forecasts unchanged at 1.12 and 1.15, respectively”.
- R3 1.0921
- R2 1.0909
- R1 1.0889
- PP 1.0877
- S1 1.0858
- S2 1.0846
- S3 1.0826