Dislikedno it was a wrong move completely. if you ask me on 15/1/15 SNB should have lowered interest rate to 0,75, as they did and rise the peg to 1,25 and signal in the statement that it is willing to do further risings if necessary to protect overvaluation of CHF..as it was normal and all normal traders expected after their last meeting 1 month ago...by doing so they would have punished those who purchased CHF and made a pressure on themselves to protect their economy and reserves...by doing what they did they have rewarded those who made a pressure on...Ignored
I half suspect that the sudden move was a swift reaction to what is coming with the proposed ECB bond buying program which will weaken the Euro and that's probably why they panicked and had to act fast. There has been political pressure building to remove the cap which they were prepared to tolerate until now. I think they were genuine with their willingness to keep the cap in place a week or so ago, so whatever has changed their mind has happened in a week. The move appears to be a 'last straw decision' so I think something significant is coming. That's why I think the move was correlated with the pending ECB decision. Let's see how this all plays out this week. I will be in my trench with my helmet on.