CHF: SNB Is Stepping Up Its Interventions; What's Next For EUR/CHF?
Bank of America Global Research maintains a structural bullish bias on CHF over the coming months.
"SNB is stepping up its interventions to weaken CHF. This will fail in absence of re-establishing peg which is low pro...SNB may be reluctant to push sight deposit growth to levels in 2012. Balance sheet growth will become a concern," BofA notes,.
"Path of least resistance remains for CHF to grind higher and for EUR/CHF to breach 1.05 as EZ debt concerns dominate m/term," BofA adds.