Bank of America Global Research previews tommorrow's September SNN policy meeting.

"We expect the SNB to leave the policy rate unchanged at 0% this week. We also expect the reference to FX interventions in the policy statement to remain unchanged, signalling an "increased readiness to intervene in foreign exchange markets."," BofA notes.

There is a risk that the SNB drops the narrative on CHF in order to leverage FX overvaluation as a means to insulate the economy from global energy prices. We do not think that dropping the reference to FX will be positive for CHF. The backdrop remains conducive to vol adjusted carry trades and the emergence of the BoJ from ultra-low rates means CHF has become the natural funding currency in G10. Any bounce on dropping of the FX language should be used as an opportunity to sell CHF," BofA adds.