JP Morgan adopts a tactical neutral bias on CHF in the near-term.

"EURCHF inching higher as USDCHF has struggled to break below 0.79. Continued headlines and back and forth around the ceasefire make it difficult to have a huge amount of risk right now. I do think we eventually muddle through to a positive outcome with Iran, but when and how long that takes is another question.

Whilst buying dips in EURCHF would make sense with that view, we're struggling to get invested in the franc given the lack of clear correlation," JPM notes.

"Back on the sidelines then, and worth noting systematics bought CHF the last two days after selling 12 out of the prior 15," JPM adds.