SNB foreign exchange transactions
The data shows that they have clearly moved away from having to sell foreign currencies in 2023 to manage imported inflation. Now that they're over the hill, it's time to focus on the other side. They recently changed their thoughts on the franc back in August, saying that it is becoming a "problem" - especially for the Swiss industry.
So, we'll see how the Q3 and Q4 data reflect their stance. But so far from price action in the last month or so, there hasn't been anything too forceful or indicative of them stepping in too heavily in the market.