USDCHF: Strategy Views from Credit Agricole

The CHF outperformed all its G10 FX peers in 2023, thanks in large part to the SNB’s interventions. Yet on that front, the bank tweaked its stance at its December meeting, while acknowledging reduced risks of inflation overshoot. We are thus at best neutral on the CHF for 2024, while still mindful of any eventual return of market jitters, while we expect the CHF to cool more materially in 2025 thanks to a broad risk/growth recovery.