Current account balances rose by CHF1.7 billion ($1.8 billion) to CHF751.28 billion last week, the Swiss National Bank said on Wednesday.
There is a possibility that the central bank is implementing foreign exchange intervention to curb the appreciation of the franc. It had increased by CHF2.5 billion last week.
“In light of the increase in current account balances this week and last week, it is certainly possible that interventions have been made to curb the franc appreciation,” UBS economists said.
It is not certain whether intervention was actually carried out, but it is a fact that EUR buying is continuously coming out from this news. It is assumed that there are expectations for further intervention.
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