The EUR/CHF shrugs off events in Switzerland. Therefore, the direction of the pair EUR/USD will determine the next EUR/CHF move, HSBC economists report.
USD/CHF could move sideways in the coming weeks
“EUR/CHF will be buoyed by EUR/USD, with little room for Swiss-related drivers to gain traction.”
“The Swiss National Bank (SNB) might be keeping an eye on CHF weakness, but recent moves have been modest and not enough to suggest action. The next SNB monetary policy meeting will be held on December 15, and the market expects a rise of 50 basis points, while on November 3 the CPI for October in Switzerland will be published.
“We expect both EUR/USD and EUR/CHF to drop to a similar level, so USD/CHF could move sideways in the coming weeks.”
Source: Fx Street
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