Goldman Sachs sees good value in CHF funding on a three-month basis

"USD/CHF offers exceptional levels of carry for a pair that has acted as a clear risk-hedge in this environment, which we think places it as an attractive portfolio hedge in an environment where energy shock risks are still simmering. At the same time, CHF's gold connection is also the clearest risk to the case for funding in our view," GS notesa.

"We continue to see a pivot back to a neutral CHF intervention bias by the SNB as another potential route to Franc outperformance, though after the SNB's weak tweak in June, this process appears to us to be a more gradual one. We see good value in CHF funding on a three-month basis where these key risks appear more remote, offering greater carry in G10 crosses than the more typical choice of the Yen," GS adds.