If you want to compare it to the Fed, any other major central bank would fall short in terms of hawkishness at the moment. And even though the SNB has certainly delivered as expected, it doesn't seem to be enough to keep the punters happy with the franc selling off in the aftermath of the decision. The issue here is that while economists saw a consensus for a 75 bps rate hike, market pricing was looking for a 100 bps rate hike instead.

The SNB ended up raising the policy rate by 75 bps to 0.50% - effectively putting an end to the negative interest rates era - but that is not cutting it. However, their forward guidance remains the same and they even upped their inflation forecast, a potential hint that they will be doing more in terms of tightening policy further.

EUR/CHF saw a big spike from 0.9470 to 0.9600 and is running up close to near-term resistance from the key hourly moving averages:

EURCHF H1 22-09

The resistance region there at 0.9612-17 will be an area to watch as sellers may lean on that to capitalise on the initial reaction to the SNB policy decision. I mean quite frankly, there isn't anything at first glance that really signals a shift in policy stance by the SNB after their surprise change in direction in June.

Meanwhile, USD/CHF is also looking to make a break for it above its 100-day moving average at 0.9681:


That will likely pave the way for a retest of the July and early September highs around 0.9850-86, so keep an eye out for that.