Credit Agricole CIB Research discusses CHF outlook, paying attention to the EUR/CHF.

"CHF has been in demand, partly on the back of the notion that the SNB may be inclined to turn less dovish on monetary policy. After all, the US Treasury decided to put Switzerland on its currency watch list while the latest news-flow suggests that political pressure on the central bank to abandon negative rates is rising. It needs to be considered that criticism from politics as well as organizations including the Swiss Bankers Association has been around for the last few years with impact on the central bank's decision making process being close to zero. The same holds true as when it comes to the risk of the US labelling Switzerland as currency manipulator. We advise against chasing crosses such as EUR/CHF lower from here and we rather consider current levels as attractive buying territory for the longer term," CACIB adds.