The Swiss National Bank (SNB) is likely to retain a hawkish stance in its monetary policy, guarding against a rise in imported inflation, despite the pause at the September meeting. 

External pressure via imported inflation is well and truly in the SNB’s crosshairs, which means the CHF could receive FX intervention if it weakens too much, especially against the EUR and USD. 

Our year-end reading for the USD/CHF is 0.88.