Forex: Credit Agricole's projections for the major pairs in terms of next Thursday's UK referendum scenarios

Here are the projections for the major pairs according to the British referendum scenarios:

"The initial impact of a Brexit on the euro should be negative as fears about growth and the EU's integrity will raise expectations of monetary easing by the ECB. The weakness of the euro should especially manifest itself against the 'safe haven' non-European currencies. But we do not believe that a Brexit mean the end of the EU or the euro zone. We therefore believe that the weakness of the euro will not be sustainable long term. Capital outflows from London to the euro zone should support the EUR/GBP.

The USD could be the winner here if there is a Brexit. The JPY and CHF, the traditional safe haven currencies should also benefit. AUD, CAD and NZD could suffer," says Credit Agricole.