Economists at Commerzbank see upside potential in EUR/CHF, but only moderately.

CHF is likely to be less in demand as a safe haven

“With the ECB likely to raise its key rate more strongly by the middle of the year, we see depreciation pressure on the Swiss Franc against the EUR in the coming months.”

“Moreover, due to easing concerns about an energy crisis and recession in Europe, the CHF is likely to be less in demand as a safe haven.”

“The depreciation potential of the Franc is likely to remain limited in view of the SNB and possible interventions against an excessively weak franc though, especially if the inflation picture should cloud over again contrary to our forecasts.”