Credit Agricole CIB Research maintains a constructive view on CHF, expressing that via holding a short EUR/CHF exposure targeting a move towards 0.9450.

"For the week ahead, attention will focus on the Swiss CPI data for January on Monday. While inflation was able to cool from 3.5% to 2.8% YoY in the last four months of 2022, this nascent downtrend could be taken to a halt due to adverse seasonal factors in January, in particular coming from electricity prices, with some SNB members having already warned of a near 0.5ppt uptick.," CACIB notes. 

"As a result, rate hikes remain on the cards for the next SNB meeting in March, which should in turn anchor the CHF’s relative appeal in terms of real short rates in Europe. This is one of the compelling factors behind our constructive CHF call, while risk reversals have recently started to move back more in favour of the CHF upside," CACIB adds.