Jane Foley, head of FX strategy at Rabobank, notes that EUR/CHF traded sideways towards the end of 2019 at the bottom end of the range traded over the past two years.

"A slowing Eurozone economy generally generates demand for the CHF as a safe haven. Although Eurozone data may have stopped worsening for now, downside risks to growth remain and these suggest that the SNB will be wary about the possibility of further gains in the CHF. Faced will very weak inflation pressure the SNB can be expected to retain its set of ultra-accommodative monetary policy settings along with a threat to intervene for the foreseeable future. Even so we expect demand for the safe haven CHF to increase around mid 2020."