Here is a real quickie on the European Central Bank / Swiss National Bank cross
(it sure seems that way)
- We maintain our bearish CHF view and think that further weakness is likely.
- Though recent price action is welcome, the battle is not yet won. SNB will maintain intervention as a policy tool.
- BoP flows suggest further medium-term CHF weakness. Our EUR/CHF 1.20 end-2018 projection is a minimum target
