FXStreet (Edinburgh) - Senior Analyst at Danske Bank Pernille Henneberg sees the cross testing the 1.15 area within a year’s time. Key Quotes “The Swiss National Bank (SNB) kept its 3M Libor target and sight deposit rate at -0.75% yesterday at its quarterly meeting”. “This sent EUR/CHF lower as some probability of a rate cut was priced in ahead of the decision. We expect the SNB to keep policy rates unchanged for the foreseeable future”. “In our view, December was the end of ECB easing and we expect the Fed to start a hiking cycle next week; both would be helpful in bringing about the depreciation of the trade-weighted CHF that the SNB longs for”. “Should EUR/CHF fall ‘excessively’ below what we deem to be the lower comfort level around 1.05, we would expect the SNB to use intervention as a first line of defence. We still look for range trading around the 1.08 level in 1-3M and then for a gradual uptick in EUR/CHF towards 1.15 in 12M”. For more information, read our latest forex news.