Bank of America Global Research discusses CHF outlook and the scope for SNB intervention.

"CHF has weakened since early March when SNB raised intervention stakes. Question: has the SNB intervened?Answer: we think not, at least not in size using anecdotal data.

So, if SNB intervention flows have been light, why has CHF weakened since March? We think a confluence of factors has been a bigger dynamic - namely moving past peak conflict risk and then USD debasement trade on hold rather than intervention flows," BofA notes.

"Looking ahead, favourable seasonals in the coming months limit further losses, but the key will be whether USD debasement and term premium become a stronger narrative," BofA adds.