EUR crosses (ex CHF) to stay heavily bearish

I would avoid EUR/CHF at all costs in coming weeks unless totally necessary as we are going to see too much volatility. We are likely to see intervention of some sort and plenty of jaw-boning.

But the flight out of EUR is only likely to pick up more steam and I’d be looking for some less volatile crosses to play, like EUR/AUD, EUR/CAD and the old favourite EUR/GBP. I’m not getting fixated on exact levels in these market conditions, and it becomes a matter of waiting for opportunities.

The other trade I really like is long Gold, again its a matter of picking the correct entry levels and keeping exposure at a manageable level.

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