Analysts at Credit Suisse see a 1.05-1.07 range in EUR/CHF as the most likely outcome for the time being pending further details on the EU Recovery Fund. 

See: EUR/CHF underpinned by the 55-day ma at 1.0559 – Commerzbank

Key quotes

“Our confidence in achieving our envisaged target of 1.0250 in EUR/CHF is much diminished. We now see a 1.05-1.07 range as the most likely outcome for the time being pending further details on the EU Recovery Fund.”

“Should the EU fail to agree to some kind of debt mutualisation or water down the initial French-German proposal significantly, the market will most likely view such a development as euro negative which would bring downside risks in EUR/CHF back into play.”

“Should an EU agreement surprise on the positive side we would expect such a development to manifest itself in higher interest rates in the Eurozone, as a reflection of higher growth and inflation prospects. Such a scenario could then lead to an upside breakout in EUR/CHF as a consequence.”