JP Morgan Research flags CHF positive seasonality for the month of June.

"Tactically, we are conscious of franc-positive seasonality in June associated with bank balance sheet expansion (similar dynamic to December; Figure 5 in European FX year-end seasonality: Krona takes the crown, Popescu). This seasonality appears in the last week of May and until the end of June and is most apparent vs USD (USD/CHF has fallen by a median of 1.2% in 13/15 years)," JPM notes.

"Our trade construction vs NOK is affected less consistently (in 11/15 years with the past decade particularly mixed), but it is still a force to be mindful of," JPM adds.