According to Jinshi Data, the euro rebounded unexpectedly against the Swiss franc yesterday afternoon, reaching its highest level in more than a month at 0.9508, and then quickly fell back. The rapid strengthening of the Swiss franc is instructive for the Swiss National Bank's interest rate decision today.

Today's interest rate meeting is the last meeting for Swiss National Bank President Jordan in his nearly 13 years at the helm of the central bank. He has experienced many surprises during his time at the helm, so it would not be surprising to see it happen again.

Therefore, we are likely to see a sharp 50bps rate cut from the SNB to 0.75%, and we suspect they will also intensify their rhetoric on the recent appreciation of the Swiss Franc. If expectations are correct, we should see another rally in EUR/CHF, but expect bears to be patient and wait for better shorting opportunities.