We have Swiss CPI for march due at 06:30 GMT
![Swiss CPI expectations](https://images.forexlive.com/images/Swiss%20CPI%20expectations_id_201b6626-f571-4109-8af9-c2884a6c7c74_size900.jpg)
Markets are looking for a MM print of 0.3% (prior 0.6%) and for a YY print of 1.3% (prior 1.2%).
Despite the surprise cut by the SNB at their previous meeting, I think there is two-way risks for the CHF on this print.
The SNB were very clear on not providing any forward guidance on rates at the meeting. They also didn't acknowledge a preference for a weaker CHF by saying they are open to both FX reserve buying and selling.
Looking at CHF CFTC data (net positioning as a percentage of open interest) we can see that markets have a decent short position running already.
![CHF positioning](https://images.forexlive.com/images/CHF%20positioning_id_d9500e96-bab8-4df5-82fa-7cb286730d13_size900.jpg)
Which means an upside surprise could be enough to see some of that unwind.
Numbers I'm watching for today for a possible trigger is a miss of 0.9% or lower to give enough conviction to see more CHF downside.
Alternatively, a print of 1.5% or higher could be enough to trigger some short position unwinding.