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EUR/CHF steady around 1.2020 ahead of Swiss gold referendum

FXStreet (Córdoba) - EUR/CHF remains steady, trading around 1.2020, ahead of the Swiss gold referendum that will take place on Sunday. So far during the week the euro did not reach fresh lows against the franc, while the upside has been limited by 1.2035.

Price continues to trade near the key 1.2000 level, that the Swiss National Bank (SNB) promised to defend with utmost determination. The referendum could increase volatility in the coming sessions of the local currency and also of gold.

On Sunday, voters will decide if the SNB should boost its gold holding to 20% of its reserves. The “no” is expected to win but if the “yes” surprises, the value of Swiss franc could experience a sharp increase in volatility pushing EUR/CHF to the 1.20 floor.

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