• Swiss franc strengthens after SNB cuts interest rates by 25 bps to zero

• EUR/CHF down to 0.9390 EBS intra-day low; USD/CHF down to 0.8184 EBS low

• Franc weakened before SNB rate decision, on risk of cut below zero

• 0.9416 was EBS high for EUR/CHF pre-SNB MPA; 0.8215 was EBS high for USD/CHF

• Quarter-point cut to zero was consensus expectation from economists

EURCHF

(Robert Howard is a Reuters market analyst. The views expressed are his own)