Danske Research maintains a bearish bias on EUR/CHF over the medium-term.

"Over the past month, EUR/CHF has edged higher to above the 0.92 mark, with the ECB delivering hikes and the Swiss National Bank (SNB) pushing back on hike expectations. We remain bearish on EUR/CHF and think the environment continues to favour a stronger CHF. We target the cross at 0.90 in 6-12 months," Danske notes.

"The SNB remains firmly on hold with its policy rate at 0% and we expect this to remain the case. At its most recent meeting, the SNB highlighted that underlying inflationary pressures remained broadly unchanged, despite headline inflation edging slightly higher. This is only further underpinned by the strong CHF and Switzerland’s favourable energy mix. We think this will keep the SNB from hiking rates. Combined with strong fundamentals, we think persistently diverging price levels favour a stronger CHF via the PPP. Additionally, a global investment environment characterised by weak global growth and elevated uncertainty benefits CHF. " Danske adds.