Technical Analysis

JP Morgan target EUR/CHF lower in 2023, 0.92 by year end

JP Morgan EUR/CHF outlook for the upcoming year:

  • Stay short EUR/CHF in cash

JPM are targeting:

  • 0.95 in Q1 2023
  • 0.92 by the end of 2023

JPM citing:

  • CHF’s anti-cyclical properties and the SNB’s bullish policy regime shift for the currency point to further downside for EUR/CHF into 2023
  • The CHF remains one of the best proxies of global growth, serving as a reliable hedge against lingering downside risks to the cycle next year
  • Real rate differentials and Switzerland’s sustained current account surplus remain bullish CHF tailwinds, particularly vs. EUR.
  • Deleveraging flows should also be CHF-supportive.

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