This is via the folks at eFX.
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Barclays Research maintains a neutral bias on CHF over the medium-term.
"We expect the Swiss franc to remain resilient, supported by the SNB's strategy to use currency strength as a lever against inflation. This strategy is implemented via further policy rate hikes and FX intervention, which should keep EURCHF around parity for an extended period. In a recovering EUR environment, this implies additional strength versus the dollar (to below 0.90 in USDCHF)," Barclays notes.
"We do not expect the recent banking sector stress to dent franc strength or undermine its status as one of the world's 'safe haven' currencies. Such an outcome would require radical shifts in Switzerland's balance sheet via 'safe asset' outflows, which we deem very unlikely," Barclays adds.
