More on the EUR and CHF from UBS

I posted earlier from UBS, mainly on the USD: 'Under the radar' flows imply USD expensive, scope for higher EUR/USD

But more now the with a focus on euro and swissy

More scope for EUR/USD and EUR/CHF upside

• EUR/USD is now closer to fair value, but we see room for some more upside, and we remain bullish. We have long envisaged a return to fair value for the EUR and unless policy makers lean against the recent pace of appreciation these moves can extend.
• EUR/CHF should also remain on an upward path, with the Italian elections likely to catalyse substantially more outflows. At some point we think the SNB is likely to also contemplate policy normalisation; however for this to happen, more CHF weakness is necessary.