Our forecast of a recession in the Eurozone in H2 this year supports our expectation of further softening in the value of the EUR. The CHF tends to benefit on signs of stress in its Eurozone neighbour. 

While the 2022 low at EUR/CHF 0.9410 is likely to be a tough level to break, we do see risk of dips lower towards 0.93 in the weeks ahead. 

Slow growth in Italy and increased concerns about debt and risk of harsh winter, higher energy prices and more stress for German industry are among the potential headwinds for the Eurozone.