The experts of J.P.Morgan feel skeptical about the SNB’s ability to maintain the EURCHF exchange rate around 1.2. The central bank has been resisting multiple attacks initiated by currency speculators for nearly a year. J.P.Morgan’s currency strategists assume that the SNB’s current policy will bring more problems than benefits in the long run.
The strategists assume that the exchange rate will drop down to 1.15 at the end of the year. This is the gloomiest forecasts among those given by 42 banks (according to Bloomberg).
According to , the Swiss Franc keeps strengthening against the US Dollar. The experts report that USDCHF is recovering (wave b(C )) from the recent downswing.
A further rally will probably encounter resistance around 1.0299 if the price breaks above the 0.9971 high. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 0.9001 (as shown below).
