eFXdata reports that Credit Agricole CIB Research maintains a bearish bias on CHF.

"While we do not doubt the SNB’s preparedness to prevent policy differentials from diverging in order to keep the CHF capped, the very least the central bank should continue to do is intervene more aggressively, with such conditions likely to prove sufficient to put a floor below the EUR/CHF cross. Firm deflation risk enables this," CACIB notes. 

"All in all, we stay of the view that the pair faces gradual upside with elevated speculative CHF long positioning keeping the risk for position squaring-related CHF downside towards year-end firmly intact," CACIB adds.