Rather than trying to put a base in EUR/CHF or introducing a peg, the Swiss government pushed the problem of the strong CHF back to the SNB and they’ve taken the path of trying to make the CHF less attractive through lower, and possibly negative interest rates.
The market wasn’t buying the CHF for the return, in fact it couldn’t care less about the return in my opinion. The CHF was the ultimate safe haven in times of extreme uncertainty and that hasn’t changed. No peg, no lower limit; the CHF buying will recommence on the first sign of risk aversion.
