Capital Economics analyst Harry Chambers says a large sell-off in AI stocks next
year would likely revive safe-haven demand and push the Swiss franc higher
versus the euro. He expects the AI bubble to burst next year and cites the
dot-com episode, when the franc appreciated about 3.5% against the euro, as the
closest analogue. Chambers says Swiss National Bank intervention can limit but
not prevent franc gains. Forecast: EUR/CHF around 0.94 this year, with the franc
appreciating roughly 3% versus the euro by end-2027.
