CS says the Swiss franc is overvalued, assess fair value for EUR/CHF around 1.22

Credit Suisse agree with the Swiss National Bank that the CHF is overvalued

• says that if the SNB attempted to exit its negative interest rate policy it'd push the overvalued franc even higher - needs to the ECB to raise rates for SNB to consider raising its rate
• say fair value for EUR/CHF is 1.22