Strong words from the SNB? not really

The SNB has tried to prevent an appreciation of the CHF. The tool is intervention and words. Intervention is expensive. Words are cheap. Look at the change in tone of the words. Initially, the bank said it would prevent or counter "any" appreciation. At the end of the year, the comment was "prevent any excessive appreciation". Yesterday, the words were "whether or not we continue with interventions depend on the situation".

So what do you believe? follow the price action and always note that intervention generally does not work if there is not policy coordination.