SNB President Hildebrand says that the SNB cannot continue its expansive monetary policy forever and notes the danger of low rates provoking a housing bubble.

The SNB sounded similar themes earlier in the day but reiterated its intention to defend against a strengthening franc.

EUR/CHF trades at mid-range, now at 1.4615. It has spent the day between 1.46 and 1.4630…

Traders report that there had been lots of buying of short-dated downside protection in EUR/CHF (bearish bets)  in the last few sessions in the run-up to the SNB meeting, hoping the SNB would soften their tone on keeping the franc weak. Oops…

Beware a squeeze higher should the SNB come in and inflict pain on these fresh shorts.

We trade at 1.4622, having been as high as 1.4230 after the SNB held rates steady and said they would continue to keep the franc from strengthening.

SNB holds target range for 3 month swiss franc libor unchanged at 0.00-0.75%, Continues to aim for 0.25%

To counter excessive rise in swiss franc vs euro decisively.

Just ahead of announcement was getting reports SNB had been bidding 1.4605 on EUR/CHF and raised their bid to 1.4612.  I take it’s on the EBS platform. We sit presently at 1.4615.

Swiss National Bank due to announce rate decision at 13;00 GMT.  It’s not really the rate decision which is awaited if truth be told.  There is a strong consensus rates will be left on hold at 0.25%. Rather the market will be watching for any change in rhetoric regarding swissy strength. At December’s meeting SNB said it was choosing to prevent “excessive appreciation” as opposed to previous “any appreciation.”

Any further percieved, or actual, softening in tone would likely see 1.4600 in EUR/CHF  give out in double-quick time.

Right has that woken anyone up.

Swiss National Bank is said to be sitting on the bid in EUR/CHF at 1.4610.

I think I might go back to bed for a few hours kip. Boring, I should coco.

Cross up at 1.4629 from session low 1.4612.

EUR/CHF steady at 1.4650. Buy orders tipped at 1.4600/20.  Guess some feel 1.4600 may be the latest SNB line in the sand.  Market will  be alert to a sneak Friday attack should we see any further swissy appreciation today.

Jordan reiterates the SNB’s policy of seeking to prevent a strong CHF. The big rally in the euro today and easing Greek concerns are giving the SNB a big assist today. EUR/CHF is near session highs of 1.4685.

Swiss consumer sentiment index -7 in Q1, better than median forecast of -10.

EUR/CHF has traded a little firmer this morning, presently at 1.4730, amid rumour of SNB intervention.

Personally I’d expect the jump in the cross to have been more marked if they were actually in.

It’s a tad weasily to wait for Europe to go home before giving EUR/CHF and USD/CHF a ride, isn’t it? They’ve ramped USD/CHF up a centime and EUR/CHF more than a centime. They must have a special tool in their fancy Army knives for sneak attacks….

This one has both a corkscrew and a reamer…

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