JPMorgan: buy CHF vs. EUR and USD
JP Morgan strategists sold EUR/CHF on Sunday from 1.2430 with a stop at 1.2590 and an open target. There is still time to join: as of writing the pair is trading slightly above 1.2400 after the yesterday’s dip to 1.2330.
Given the strong Swiss macroeconomic data in comparison even to Germany, a further drop of risk sentiment should serve to weaken EUR/CHF, which is the most overvalued G10 cross on a short-term basis. Specialists also note that it is very unlikely that the SNB could raise the EUR/CHF floor.
As for USD/CHF, JP Morgan sold it from 0.9585 with a stop at 0.9750 and also with an open target. On Tuesday the pair is trading around 0.9500.