Forex Flash: EUR/CHF year-end target at 1.22 – Scotiabank (Barcelona) - The Swiss franc is trading flat on Tuesday, hovering over the area around 1.2340 despite the prevailing risk-on tone.
The CHF found selling pressure after T.Jordan defended the CHF 1.20 peg vs. the euro, decoupling the SNB monetary policy from the so-called ‘currency war’ and repeated (once more) that the central bank is ready to take further measures should the economic conditions require so.

Camilla Sutton, Chief Currency Strategist at Scotiabank argued, “We hold a Q113 EURCHF target of 1.25, but it expect that it will have settled back to 1.22 by year‐end”.