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20 Feb 2013
Forex Flash: CHF safe haven worth watching - Societe Generale
Sebastien Galy of Societe Generale note that CHF as a safe haven is worthy of monitoring amid recent price action.
He notes that EUR/CHF is showing some tendency to want to move higher which may be a sign that the much awaited reallocation by Swiss Funds out of CHF has gently started. It takes them a while to make their move but it eventually works. He writes, “We maintain a structural short in CHF, expecting EURCHF to eventually overshoot above 1.30.”
He notes that EUR/CHF is showing some tendency to want to move higher which may be a sign that the much awaited reallocation by Swiss Funds out of CHF has gently started. It takes them a while to make their move but it eventually works. He writes, “We maintain a structural short in CHF, expecting EURCHF to eventually overshoot above 1.30.”