The Swiss franc is testing the lows for the year against the euro now, following the inflation report here. The data reaffirms that price pressures in the Swiss economy is keeping just below 2% and that puts the SNB in a rather enviable position among major central banks at the moment.
EUR/CHF daily chart
With most major central banks trying to work an angle on rate cuts, the SNB pretty much has that already. The question is, will they wait around or be the ones to act first? The odds of a March rate cut are now at ~55% and a rate cut is fully priced in for June.
Considering that the SNB has the propensity to surprise, I would argue this is likely to keep March as a live meeting.
And that is perhaps what traders are seeing as well in pushing the franc lower at the moment. EUR/CHF is testing its January high of 0.9473 currently with USD/CHF at two-month highs near 0.8800 with its 100-day moving average nearby at 0.8807.