Since EUR/CHF stepped up into higher range in July/August, it has been trading around 1.07 to 1.10, which leaves USD/CHF determined by EUR/USD. After the ECB meeting, SNB also held off from easing.

It is still threatening to do more if needed but reflects reluctance to deliver, the central bank seems unlikely to deliver more easing further attempting to push EUR/CHF higher. It might rather use its other policy tools to prevent the pair from moving lower.

Anticipations on the SNB unfolded after the disappointment from ECB, so when the steady decision came on December 10, it was more as expected. EUR/CHF appreciation pace stays slow.

"We have positioned for higher EUR/CHF in options with a risk reversal but the tenor shows how long we expect this process to take", says RBC Capital Markets in a research note.