Swiss franc bears are growing in number as the currency retreats from last year’s rally, but a top market forecaster says the current consensus may not go far enough.

“The franc is again overvalued,” said David Alexander Meier, an economist at Julius Baer Group Ltd, the top FX forecaster in the fourth quarter according to data compiled by Bloomberg. “The Swiss export industry has always been like a treadmill — with a track record of coping with an appreciating exchange rate very well.”