EUR/CHF short a preferred hedge against Greek tail risk – ING

FXStreet (Mumbai) - The FX Strategy team at ING notes that the resilience in the CHF despite SNB intervention indicates the market is biased towards EUR/CHF shorts as a preferred hedge amid Greek crisis.

Key Quotes

“Despite the EUR/USD rebound yesterday, EUR/CHF has remained lower in spite of the SNB FX interventions. This shows that the market looks to EUR/CHF shorts as a preferred hedge against Greek tail risk.”

“Expect the SNB to remain in the market and lean against CHF upside.”