When it comes to the SNB it must be noted too that there may be rising pressure to act again later this year when it comes to lower rates, especially if currency intervention becomes less efficient. Sight deposits have increased at a faster pace for most of the last few weeks, which indicates more aggressive currency intervention. At the same time, however, the franc has been stable at best.
Given that the central bank’s policy mix consists of both, negative rates and FX intervention, the central bank may be closer at considering a change in stance than currently assumed.
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All of the above suggests too that pairs such as USD/CHF may face further upside in the weeks to come given room of diverging monetary policy expectations.