Analysts at Nomura believe that Swiss currency is going to depreciate only in 2012.

In their view, during the next 3-6 months franc will remain strong encouraged by the high demand for it as a safe haven and rather good shape of Switzerland’s economy. The specialists forecast EUR/CHF to trade at 1.22 by the end of this year.

Then, in the longer term, franc will get constrained by expensive valuation and rate differentials, claims the bank. According to Nomura, the pair will recover to 1.42 by the end of 2012.


Chart. Daily EUR/CHF