Societe Generale Research notes that EUR/CHF has decoupled from relative rates.

"EUR/CHF had been evolving with relative rates over the past semester. This week’s fall to 0.98 is a strong decoupling with higher euro rates. The SVB crisis puts the Fed in a tougher position to complete its tightening cycle given revived demand for safe-haven assets, which strongly benefits the Swiss franc," SocGen notes.

A strong currency will certainly facilitate the SNB’s task regarding domestic inflation," SocGen adds.