Goldman Sachs Research see a scope for another major reverse lower in EUR/CHF.

"An explicit shift in the SNB’s intervention bias at the onset of the current energy shock has been key to the Franc’s underperformance in March, but we see a building case for a reversal lower in EUR/CHF from current levels. We think a similar pattern to the 2022 shock should apply this time around, with initial SNB-driven CHF underperformance giving way to clearer EUR/CHF downside," GS notes.

"While the SNB’s current intervention stance may continue to limit the Franc’s haven behavior in the near term, we increasingly favor outright downside EUR/CHF exposure over the more medium term," GS adds.