Danske Research expects a reversal lower in EUR/CHF over the coming weeks.

"EUR/CHF has been moving higher the past weeks, breaking above the 0.9250 mark. Swiss inflation for March came in to the low side, akin to European neighbours. Headline came in at 0.3% y/y (cons: 0.5%, prior: 0.1%) and core came in unchanged at 0.4% matching expectations. The increase was primarily driven by a rise in energy prices, matching the SNBs latest set of forecasts from the March meeting. While recent data highlighted that the SNB remained sidelined on FX intervention throughout 2025, recent sight deposit data shows little evidence of intervention over the past weeks," Danske notes.

"We attribute the recent move higher in EUR/CHF as a reflection of the strong message the SNB delivered on FX intervention and possible intervention. We see room for a reversal of the recent move and think a global environment characterised by elevated energy prices and high uncertainty combined with a trickier global growth backdrop will benefit CHF vs peers," Danske adds