Inflation rates in the two currency areas should be close to one other in the coming months. From this perspective, there should therefore be little reason for the Franc to strengthen further against the Euro.

In addition, the development of the currency pair also depends on the further course of the economy and the risk appetite of global investors. If the economic picture in the Eurozone gradually brightens, which we expect, this should also support the Euro against the Franc.

We continue to forecast a slight strengthening of the EUR against the CHF in the coming months. 

In the event of a renewed rise in the recently reduced uncertainty in the global financial system (or the flare-up of any geopolitical conflicts), the Franc could strengthen sharply against the Euro at any time.