Danske Research discusses EUR/CHF outlook and flags a scope for further dips in the near-term.

"EUR/CHF edged higher yesterday after the weekly sight-deposit numbers underlined that the SNB curbed CHF strength last week. We still expect the SNB to stay in the market to mitigate large moves in EUR/CHF, but given its revealed distaste for balance sheet expansion, it is unlikely to have any clear red lines for the cross now that 1.10 has been crossed. The risk remains for a further dip as SNB will likely be forced to enter new territory on policy rates," Danske adds.