We see a moderate depreciation of the Franc against the Euro next year. 

The EUR should benefit from the fact that market expectations regarding interest rate cuts in the Eurozone are likely to prove premature. At the same time, inflation in Switzerland is likely to remain at low levels next year, meaning that the SNB should allow the Franc to depreciate to some extent.

By 2025, however, we see scope for a stronger Franc again. This is because inflation is likely to remain low in Switzerland, while it should be above the ECB target in the Eurozone.