Fraser had five birdies in his final six holes while Zanotti, who had a double bogey and two eagles, ended his play Thursday with back-to-back birdies in shooting 8-under-par 64.
Paul McGinley and Danny Willett each had five birdies and an eagle to keep within one stroke of the leaders at 7-under. They were joined at that score by Chris Wood, who had nine birdies and two bogeys Thursday.
Four golfers are tied for sixth at 6-under and six more are knotted at 10th at 5-under.
Fraser played in the morning group and opened with a birdie. He was 3-under after 12 holes but then ran off four consecutive birdies and closed his round with a birdie at No. 18.
Zanotti, teeing off in the afternoon, played the second nine of the Golf Club Gut Larchenhof first on Thursday and had a pair of birdies and eagles at 13 and 16 -- both par 5s -- but fell back with a 6 at the par-4 18th hole.
Zanotti had three birdies in his first five holes of the front nine before a bogey at the par-5 sixth hole slowed him. He moved into a share of the lead with birdies on 8 and 9.