Credit Suisse likes long EUR/CHF exposure with stops around 1.0645.
"Regarding the outlook for the Swiss franc, we still stick to our initial 1.0900 target in EURCHF. In a more optimistic scenario, we could even see the pair reaching 1.1000 after that. Our optimistic view is based on the expectation of an economic recovery in the Eurozone once the impact of the Covid-19 vaccines shows their first positive results in sentiment and hard data releases," CS notes.
"The threat of continued SNB FX interventions should keep rallies in the Swiss franc limited. Nevertheless, we would consider ourselves wrong at levels below 1.0645 in EURCHF,"CS adds.