Bank of America Global Research discusses the outlook of SNB policy trajectory and maintains a bullish bias on CHF over the coming months.
"We believe the SNB may have already started the process of QT. This will be a key tailwind for CHF in the months ahead," BofA notes.
"SNB has tweaked its views on CHF towards one of symmetric response. Response to weak CHF involves selling foreign assets. SNB to persist with current stance for as long as inflation remains a threat. QT then to pick up the baton and support CHF," BofA adds.