Goldman Sachs Research likes short EUR/CHF and long CHF/JPY as hedge trades against higher natural gas prices and rising global inflation risks.

"Given that CHF should continue to appreciate versus EUR if risks escalate we think short EUR/CHF expressions can be a good hedge against higher natural gas prices and Euro area current account risks,' GS notes.

"We also continue to think that long CHF/JPY is a good hedge against rising global inflation risks and can benefit in an environment where oil prices remain elevated for longer," GS adds.