-The key event for the Swiss franc this week is the gold referendum scheduled on November 30 and the markets widely expect a ‘no’ outcome. Public support for the Swiss gold initiative seems to be falling as many surveys show that the possibility of ‘yes’ vote is low.
‘We expect the Swiss gold referendum to fail on Sunday (the latest poll available, from 19 November, had support for “save our Swiss gold” at 38%). EUR-CHF is set to recover, but we doubt that, given the overall weak EUR picture, it will climb back much beyond the 1.2050-1.21 area,” said UniCredit in a note to its clients on Friday.
-On Friday, EUR/CHF is hovering near 1.2020 while USD/CHF is staying near 0.9665.
The material has been provided by InstaForex Company – www.instaforex.com