EFTA Document EFTA01387380

9 January 2018 FX Blueprint Theme #5: Bern out sell CHF versus FUR and JPY Swiss reallocation into FX will continue to weigh on the franc this year. Stay long EUR/CHF targeting 1.25 and also sell CHF/JPY on positioning and valuation. This year could Marl, the; turning point for the Swiss home bias. The Swiss private sector hasn't invested in foreign assets since the financial crisis, resulting in a structural allocation gap of around 400bn francs (Figure 1). But outflows should return