CIBC Research discusses CHF outlook and targets EUR/CHF around 0.98 by end of Q2, and around 1.00 by end of Q3.

"There are some tentative signs of Swiss growth and employment prospects moderating. However, as the unemployment rate remains at a 20-year low of 1.9% this underlines scope for additional tightening," CIBC notes. 

"We would expect that the SNB will remain comfortable with EUR/CHF remaining around the parity threshold. However, as we expect another 50bps of SNB tightening ahead we would expect USD/CHF downside to persist. We expect USD/CHF to test CHF0.8950 and levels not seen since June 2021," CIBC adds.