There have been two recent dramatic EUR/CHF declines from 1.05 area

Neither occurred due to a surge in risk averse behaviour

Stocks dipped and bounced after first drop, 2nd followed ECB

Other safe assets did not respond in a similar fashion to franc

Total sight deposits have grown CHF 25-30 billion since March

FX reserve has shrunk in 2022 despite apparent large scale intervention

Due Fed/SNB divergence franc has come under pressure nL1N2XW0OL

It's possible SNB is utilising this period to pare reserve

If not there is certainly a massive seller lurking ahead 1.05