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Goldman Sachs recommends investors short the euro against the Swiss franc following the European Central Bank’s record rate increase as they think it likely the Swiss National Bank will want to take action to arrest the franc’s depreciation.

In a note published on Thursday, Goldman Sachs said they recommend a short EUR/CHF trade, targeting 0.955 on a tactical horizon, with a stop at 0.985.

One euro was worth 0.9668 Swiss francs on Thursday.