USD/CHF: Credit Agricole maintains its long position, targets 1.03

"The Swiss franc has been strong lately, without regard to risk sentiment. This may be due to expectations regarding the SNB, which might adopt a more dovish monetary policy.

In any case, it should be noted that the franc saw its sensitivity to risk sentiment continuously decrease. We have long said that the SNB's intention to steer market developments has decreased the franc's role as a safe haven.

This week, the main focus will be on inflation, which should confirm its sluggishness.

We remain in favour of selling the Swiss franc rallies against the USD."

Credit Agricole maintains its bullish position initiated at 0.9877 with 1.03 as its target.