June 11 (Reuters) - The franc's recent losses could snowball if Switzerland votes in favour of a proposal to implement a population cap, with scope for EUR/CHF to climb to 0.94. Some have likened Sunday's vote to a "Swiss Brexit", with many businesses fearing an economic blow should the proposal succeed. A poll published last week showed 52% are against the population cap proposal. A previous poll carried out at the end of April showed the Swiss evenly split on the issue.

The event risk of this weekend's referendum is weighing on the franc, with EUR/CHF rising to an EBS high of 0.9234 on Wednesday, its highest level since April 30.

EUR/CHF most recently threatened 0.94 last December, with 0.9350 marking the 2026 high on January 14. (EUR/CHF briefly traded below 0.90 in March, for the first time since the 'Frankenshock' in 2015, after the safe-haven franc strengthened on conflict in the Middle East.)
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(Robert Howard is a Reuters market analyst. The views expressed are his own.)