From a fundamental perspective, the Franc continues to benefit from a significantly lower inflation level compared with the Eurozone, while only slight advantages in favor of the Euro result from the current interest rate differential. However, the inflation differential should gradually narrow in the coming months, from which the EUR should benefit at least temporarily. 

We forecast a slight strengthening of the Euro against the Swiss Franc in the coming months. 

In the event of an escalation of geopolitical crises, the Franc may continue to strengthen strongly against the Euro at any time.

EUR/CHF – Dec.23 0.97 Mar.24 0.97 Jun.24 0.98 Sep.24 0.98