Bank of America Global Research discusses CHF outlook and maintains a structural bearish bias on GBP/CHF over the coming months.
"CHF continues to defy convention. Against the backdrop of an improving market landscape (declining financial stress, improving liquidity conditions), the currency has remained relatively resilient. In TWI terms, CHF is still comfortably in positive territory, but more significantly is trading at its highest levels since the peg broke in January 2015," BofA notes.
"August is a notoriously difficult month to extract trends, but recent resilience bodes well for CHF heading into the rest of the year and we reiterate our bearish stance on GBP/CHF," BofA adds.