According to Jinshi, UniCredit said that according to the equilibrium model, the Swiss franc is still seriously overvalued. The fair value of USD/CHF and EUR/CHF is above parity and over 1.15 respectively. There is a lot of room to correct this deviation. The repricing of the ECB's interest rate cut expectations will provide new support for EUR/CHF in the coming months, and to a lesser extent, for USD/CHF. UniCredit expects USD/CHF to rebound to 0.90, while EUR/CHF may rise to parity later this year. However, geopolitical risks and Switzerland's huge current account surplus remain two factors that hinder a more significant depreciation of the Swiss franc.