The three year anniversary of the “temporary” 1.20 EUR/CHF floor is approaching as the pair drifts towards the Swiss National Bank’s line in the sand. Suddenly every comment from SNB leader Thomas Jordan is in focus.

On the weekend he spoke with NZZ am Sonntag and nothing in his comments suggested a change in the floor but other measures could be possible.

“The franc is still highly valued,” he said. “Enforcing the minimum exchange rate of 1.20 per euro is absolutely central to ensure adequate monetary conditions in Switzerland.”

“The environment has deteriorated for Switzerland,” he said. “New geopolitical risks have arisen and the international economic data — particularly in Europe and South America — was worse than we expected.”

Asked about raising the floor to 1.25, he repeated that the bank wasn’t in the business of fine tuning. He also said the SNB hasn’t intervened since 2012. But he did talk about negative rates and said they were “a possible option”.

“We exclude no measure that could be necessary to guarantee adequate monetary conditions,” Jordan said. “Should monetary policy prove to be too restrictive, one would have to think about about what measures would be sensible to fulfill the mandate.”

I don’t sense any willingness to let the peg lapse and with the SNB holding the line, I think we’re very, very close to the time to buy this pair.