SNB head Jordan in comments from that speech made today in Frankfurt

Ryan had some of the headlines earlier but after a bit more digging around I've found what I believe to be a good reason for the CHF demand this morning at a time when safe-haven need hasn't been on the agenda.

Jordan appears to have hinted strongly that there is a limit to the extent to which negative rates can keep on being lowered.

"By introducing unconventional monetary policy measures, central banks have regained a certain room for manoeuvre. However, these unconventional measures cannot be deployed endlessly to achieve desirable monetary conditions.Interest rates, for example, cannot continue to be lowered into negative territory without at some point precipitating a flight to cash. Foreign exchange market interventions and quantitative easing programmes carry with them the increasing risk that a central bank's ability to conduct monetary policy may be compromised in the long term.

Furthermore, our practical experience of calibrating unconventional measures and of gauging their effects is still limited compared to that of the conventional interest rate instrument. In light of these reservations, unconventional measures must be used with caution, and their long-term consequences taken into consideration. They must also be continuously reassessed."

EURCHF has fallen to 1 month lows of 1.0923 amidst the general euro selling on firmer equity markets but USDCHF has also fallen from 0.9970 to 0.9924 on session lows as I type.

Jordan is quick to remind us that they will continue to intervene and that has been seen frequently of late giving a good support for both pairs, weakening the franc or at least stemming its more excessive rises versus the like of GBP.

So if interest rates can't be lowered much further/ if at all is Jordan telling us also that their armoury is a little restricted now after all the fall-out of the last 12 months? He has been keen to link his previous deeds to the ECB's easing programme and offset the blame but if the ECB do act again next month what can the SNB really do apart from intervene?

I've been recommending buying EURCHF dips for a while now and that has brought good reward for those who have followed that strategy. Now perhaps it's time to re-assess but that's not say the SNB won't be stepping back in at a moment's notice and I remain a buyer of EURCHF overall.

Watch this space.

Full speech here.