The Swiss National Bank has a monetary policy announcement on Thursday and the only reason why it's on our radar is because EUR/CHF hit a 13-month low this month. The SNB’s view on the currency will have the greatest impact on EUR/CHF because for the past 4 meetings, they described the franc as “highly valued.” EUR/CHF has been trading between 1.1460 and 1.1685 range throughout this time. Before that, the SNB described EUR/CHF as “significantly overvalued” when the pair was trading between 1.0460 and 1.0960. At 1.13, EUR/CHF is currently between those ranges so it's not clear how much concern the central bank will express but without harsher criticism of currency strength, they stand to send EUR/CHF back to 1.10. We’ve already seen some investors reduce their long CHF exposure and we expect this to continue ahead of the meeting with EUR/CHF likely to trade back above 1.13. If the SNB shifts its tone and describes the currency as “significantly overvalued,” we will see a sharp recovery that could take EUR/CHF back to 1.14. If it keeps its currency assessment unchanged, however, the pair could fall back down to 1.12.