SNB is likely to be quite pleased about the strong Franc for the time being, economists at Commerzbank report.

Too early for significantly higher EUR/CHF levels

“If it is possible to solve the row about the debt ceiling, the Franc might lose some ground again. However, the SNB is unlikely to accept a strong depreciation and in doubt would probably intervene on the FX market again. That means it is probably still too early for significantly higher EUR/CHF levels.”

“Only once the price pressure in Switzerland eases significantly over the course of the year, is the SNB likely to tolerate a slightly weaker CHF.”