Citi re-flagged the risk Switzerland being named as a currency manipulator.

"CHF was featured in a Bloomberg report that outlined the prospect of Switzerland being named as a currency manipulator in an upcoming US treasury report. Sources say that Switzerland is likely to meet all three criteria to fulfill the designation; however, even if that's the case - it does not guarantee it will be labelled as such," Citi notes. 

"CitiFX Strategy flagged this risk back in October, noting that countries named currency manipulators tend to see their currencies strengthen on account of the perception that their central banks have limited ability to weaken currencies thereafter," Citi adds.