EUR/CHF: Little more upside potential in the short term – Commerzbank

EUR/CHF trades over 0.9600. Economists at Commerzbank analyze the pair’s outlook.

Discussion about SNB Jordan’s successor will have little impact on the Franc

It should be noted that SNB Chairman Thomas Jordan announced at the end of last week that he will step down at the end of September. This means that he will still chair three interest rate decisions. The discussion about his successor is likely to accompany us for the next few months but will have little impact on the CHF in the short term. 

The Franc has suffered in recent months because expectations for the ECB's first interest rate move have been pushed back, allowing EUR/CHF to work its way up to 0.9600. However, most of this should have been priced in by now, so I see little more upside potential in EUR/CHF in the short term, especially not so close to the ECB meeting.