SNB is among those central banks that is not in hurry to hike rates. Moreover, the bank will likely deliberately lag behind to prevent any strengthening of the franc for which they already say is significantly overvalued.

EUR/CHF has been slowly grinding up on expectations that the ECB will move first. The pair traded to the highest this year yesterday. USD/CHF has been doing it's usual EUR/USD mirroring. Support at 0.95 in the former roughly matches the resistance at 1.15 in the latter.

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