The pound has just started to see some resistance against the Swiss Franc at these higher levels following a good run higher over the last few weeks. This may now be the peak we have been waiting for. The pound has seen added benefit as the EU referendum polls are now putting the Remain campaign ahead. The extremely pro EU comments from US President Barack Obama have also had a positive impact on sterling although that has by now fully priced into the market. My view is that sterling will see some falls in the coming weeks as a result of the EU referendum. For anyone buying Swiss Francs it may be wise to take advantage of the spike whilst levels remain attractive.
Over the UK Bank Holiday weekend we have the release of Swiss retail sales for April on Monday where high volatility is expected. Sales had performed badly in March so another weak figure could see the Swiss Franc weaken that little bit further.
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