The Swiss Franc has emerged as a dark horse ever since the June 16th, 2022 rate meeting. Well, that is not entirely true, the Swiss National Bank (SNB) has a long history of surprise announcements with none more surprising than the sudden removal of the EUR/CHF floor early in 2015 which sent markets into a tailspin. The one certainty of the SNB is that you can count on them to be unpredictable, and it is that unpredictability that provides an opportunity for a longer-term decline in GBP/CHF.
