Goldman Sachs Research likes medium-term CHF vs EUR and  JPY.

"The bar remains high for a shift to outright support for CHF from the SNB, but we think a pivot away from outright selling would be sufficient to see renewed downside in EUR/CHF, especially if there is a shift in the intervention policy bias back to neutral at their June meeting," GS notes.

"An eventual rebound in gold prices, as our commodity strategists expect, should also add to downside pressure in the cross in our view, and we think the currency's precious metal terms of trade linkages have played an important role in recent price action. We see medium-term EUR/CHF downside expressions as better-suited to capturing these slower-moving themes, as well as CHF/JPY topside expressions, with macro fundamentals ultimately likely to overwhelm current intervention biases from both," GS adds.