Barclays research note on the Swiss franc and what to watch for before Swiss National Bank intervention again:
- Says SNB to keep its easing bias for now
- Says there is much chatter of the 1.05 - 1.10 EUR/CHF being a target range for the SNB
But ... Barclays does "not believe that the SNB remains solely focused on the EURCHF exchange rate even though the euro area is still by far the largest trading partner ... if the euro weakens further because of the ECB's QE (also against USD), we would expect the SNB to accommodate some further appreciation against the euro before again stepping up interventions in the FX markets"
(Bolding mine)
EUR/CHF back into the supposed range:
