"It's really important to bring Swiss inflation to a level of price stability," Swiss National Bank (SNB) Chairman Thomas Jordan said on Thursday, per Reuters.

Jordan further argued that it would not be a good idea to wait for inflation to rise and then have to raise interest rates. "When inflation remains under 2% for a long time, we don't have a problem," Jordan concluded.

Market reaction

USD/CHF came under heavy bearish pressure following these comments and USD/CHF was last seen trading at 0.9045, where it was down 0.6% on a daily basis.