• Franc gains weren’t manageable for Swiss economy
  • Franc appreciation has been ‘significant’
  • Franc cap is necessity for Swiss economy
  • Don’t need extra instruments at the moment, only needed if things get worse
  • Foreign exchange interventions can be unlimited
  • Negative rates one measure that could be used

As you were. Sounds like the Swiss authorities are content to support the EUR/CHF 1.2000 peg for the foreseeable future. The cross trades at a steady 1.2010.