Events in Ukraine have sent EUR/CHF to a new low. Economists at ING expect the pair to sustain further losses towards 1.00 if the situation deteriorates further.

SNB may not step in aggressively until closer to 1.00

“Investors could speculate that Russian money will be heading to Switzerland and out of dollars ahead of likely more aggressive sanctions.”

“In terms of the Swiss National Bank's tolerance for franc strength, comments made in December suggest the SNB may not step in aggressively until closer to 1.00.” 

“Until Ukraine tension is resolved, expect EUR/CHF to stay offered and we cannot rule out a test of 1.00 if the situation deteriorates further.”