EUR/USD has risen since Fed hiked 75bps and fuelled risk aversion

SNB also hiked which shocked but CHF did little and that is a shock too

Without a controlling hand EUR/CHF may have dumped below parity

SNB promised intervention and is probably actively supporting EUR/CHF

If SNB stops EUR/CHF falling when it should then EUR/USD is likely to rise

Having stabilized EUR/CHF to mitigate the shock SNB may step back

A slowly rising franc now suits Swiss policy which will undermine EUR/USD

The more EUR/CHF purchased, the more euros sold to rebalance reserves