Renowned FX strategist Chris Turner from ING has observed that EUR/CHF is remaining weak and USD/CHF is reaching new lows.
According to Turner, “We are approaching the December 2023 low at 0.8333. While we do not have concrete evidence, we suspect that the Swiss National Bank (SNB) will step in to intervene in both USD/CHF and EUR/CHF.”
He also warns, “Keep an eye out for any sudden spikes in USD/CHF if it drops below 0.84.”
Analysis:
The Swiss National Bank is likely to take action to stabilize both USD/CHF and EUR/CHF currency pairs. This intervention could impact the exchange rates and potentially lead to fluctuations in the forex market. Investors and traders should monitor these developments closely to make informed decisions regarding their investments and trading strategies.