That entirely depends on the state of the France nation-state after a WWI-analogue. Also, on the conditions of the WWI itself. If its a quick or decisive victory, then there you go.
For example, OTL they had expended practically their entire pool of young males, and were thrown into a demographic crisis which greatly hindered it economically and militarily (even to and past WWII). In addition to this, the state was practically mortgaged out to the US, and much of its best industrial regions/mines have been utterly ravaged/sabotaged upon retreat. Assuming a similar situation as OTL WWI, but with an Entente defeat, there is practically no way for France to bounce back against a Germany. Ever. Much smaller population (even moreso after Germany takes more land), much reduced industry, near bankrupt, and in a massive demographic crisis. And which would likely face a civil war upon defeat. Yeah. And after that, a pacifist movement will most certainly spring up (after all, there really isn't much hope for France in a round 3).
I suppose you could always put Action Francaise or an analogue in power, but a France which loses WWI is effectively finished. It's already lost most of its best and brightest in the trenches, and really has lost the majority of its heavy industry (and lots of iron/coal to fuel that industry).
Also, why would France (or any Nazi analogue, really) have to be anti-semitic? Mussolini and other fascists weren't anti-semitic, or made use of concentration camps. Most nations in the time period were quite anti-semite (really, look at the State Department in WWII).