CHF: Expectations of a Swiss National Bank rate cut in September fade – ING

EUR/CHF is comfortably trading under 0.94 again as optimism over a Ukraine ceasefire fades, ING's FX analyst Chris Turner notes.

EUR/CHF can continue to trade down at 0.93 levels

"As with ECB pricing, expectations of a Swiss National Bank rate cut in September have faded, and investors now struggle to see the SNB taking rates negative at all."

"In terms of our FX views, we see little change in our view published in early July that the strong CHF creates a big headache for the SNB – but there's little the central bank can do about it. We see no reason to change our view that EUR/CHF can continue to trade down at these 0.93 levels for a while longer."