It's the Swiss National Bank's turn to take centre stage at 08.30 GMT

There was plenty of hype/conjecture prior to the ECB meeting that the SNB was anticipating something quite dramatic

Certainly they were active in the market in the build-up driving both USDCHF and EURCHF higher and have been very vocal about intervening to prevent further CHF weakening

Today it's possible they could cut interest rates as Credit Suisse suggest in their forecast that Eamonn posted up here . The other previews in that post are also worth a read if you haven't already done so

Recent economic data has not been good with CPI coming in below expectations as did Q3 GDP with retail sales also disappointing. So on that basis a cut in interest rates may help but I'm not convinced it would do that much

The euro demand post-ECB has also alleviated the need for immediate action and with EURCHF comfortable above 1.0800 the heat is off for the moment

However, Tuesday's SNB/Govt joint statement on debt reduction highlighted their desire for low/negative rates to remain in place

Said treasury spokesman Philipp Rohr:

"We will continue to follow the strategy of trying to lock in low interest rates for as long as possible.

The negative interest rates, for many people, are almost like an insurance premium that they pay for certainty that they've put their money in a safe place"

So my best guess, and that's all it can be after all, is that they will leave rates on hold while stating that further cuts can not be ruled out and repeat strong rhetoric about preventing CHF appreciation. We know that central banks can surprise so we must remain cautious and trade the fact not pre-empt.

If no rate cut then we should see immediate knee-jerk lower in swiss franc pairs on a relief-rally for CHF but I don't see a big move lower as the shadow of SNB intervention will not be far away

A rate cut, not generally expected will conversely see a sharp rally and that will be difficult/unwise to fade depending on what else they back it up with

Currently 0.9842 and 1.0823 both near session lows