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EUR/CHF is about to break the historic level of 1.20

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Traders are becoming jittery as EUR/CHF edges closer to the historic level of 1.20. Upside may have further to go, unless the Swiss National Bank decides CHF is no longer "significantly" overvalued and declares policy tightening is on the cards. But that might not happen any time soon.

EUR/CHF has risen this year, with the momentum picking from February. The main drivers are improved economic outlook in the euro region and easing political risks, reducing demand for haven CHF.

There's been chatter of Swiss investors buying higher-yielding foreign assets, a trade that will probably continue if the risk-on mood stays intact.

There's also speculation that U.S. sanctions have forced wealthy Russians to withdraw funds from Swiss banks. Commerzbank, though, said there's no evidence so far to support this.

Source: Bloomberg Pro Terminal


 Trader Georgi Bozhidarov

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