Barclays on the Swiss National Bank CHF FX intervention questions

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Barclays on their CHF outlook. Adopts a bullish bias on CHF in the near-term.

• "We expect EURCHF to trade at the lower end of its recent range near term, as global risk aversion increases with three of the world's biggest economies facing increased growth risks, for different reasons,"Barclays notes.
• "Last week's CHF6.5bn increase is a notable jump from previous weeks average additions of CHF1-2bn. However, more forceful SNB intervention is only likely to slow but not reverse any CHF appreciation, especially as EURCHF remains at the higher end of its recent 1.02-1.05 range," Barclays adds.