Swiss OctoberPMI has come in at 54.0, down from 54.3 in September and lower than the median forecast of 55.0.

Meanwhile EUR/CHF is down 1.5092. Any further slide could well elicit renewed intervention by the SNB in either USD/CHF or EUR/CHF, or both. Personally, if I were them, I’d hold fire for now and let the market stretch itself a little further.