We always assume that it is not due to other market participants suddenly finding the Franc more attractive but expect the SNB to be involved. That makes it difficult to really trust the CHF. Because nobody will be able to tell where it would trade if it wasn’t smartened up by the SNB.

For the FX market that means: everyone wonders what everyone else might be thinking right now. To intervene into such a difficult, frequently unstable process as a central bank can also mean: it becomes difficult for the market participants to believe that the other market participants like the Franc, even if that is the case. And if everyone thinks like that, nobody likes the CHF in the end. Not despite but because of the SNB’s interventions.