Swiss National Bank (SNB) Chairman Thomas Jordan said on Wednesday that inflation data shows they need to tighten monetary policy but noted that it was unclear when they would take that step, as reported by Reuters.

Jordan further added that they may need to raise rates again.

Market reaction

USD/CHF came under heavy bearish pressure and fell to its lowest level since June 6 after these comments. As of writing, the pair was trading at 0.9603, where it was down 0.6% on a daily basis.