Economists at Barclays Research adopt a bullish bias on CHF in the near-term. They expect the Swiss National Bank (SNB) intervention to only be able to limit franc appreciation.

EUR/CHF to trade at the lower end of its recent range near-term

“We expect EUR/CHF to trade at the lower end of its recent range near term, as global risk aversion increases with three of the world’s biggest economies facing increased growth risks, for different reasons.” 

"Last week’s CHF6.5bn increase is a notable jump from previous weeks’ average additions of CHF1-2bn. However, more forceful SNB intervention is only likely to slow but not reverse any CHF appreciation, especially as EUR/CHF remains at the higher end of its recent 1.02-1.05 range."