The SNB meeting today would bring no change in the monetary policy. Policymakers would reiterate the pledge to intervene the currency market in defense of excessive appreciation of Swiss franc. However, the is less urgency for the central bank to act given the strength in the euro.
CHF is trading up again most currency except Sterling for the week. It’s supported by risk aversion, just like JPY. But for today, there is no follow through buying. Indeed, in the current 4 hour period, there is some selling seen ahead of SNB.
Action bias also reveal that CHF is generally neutral.
