The graphs below show that intervention could now be needed in USDCHF cross and not in EURCHF.
See also Switzerland branded as currency manipulator by US and Switzerland Not a Currency Manipulator, SNB’s Jordan Says – Bloomberg. The other side of the USD weakness can be seen in Cryptocurrency strength. If the US does not reverse its policy of printing problems (temporarily) away and giving up on fiscal discipline, they will cause the SNB quite a headache, as the SNB is now loaded up on EUR and USD denominated assets, which risk seeing massive adjustments sooner or later.
USDCHF Chart vs SNB Reserves
EURCHF Chart vs SNB Reserves
In comparison to the USDCHF cross, the EURCHF is now calmer. Which you can also see with the chart below, where EURUSD is moving in a direction that normally means good news for EURCHF.
EURCHF vs EURUSD Chart
SNB vs ECB Security Purchases for Monetary Policy
The graph above shows that the ECB has been no slower than the SNB in expanding their purchases. The ECB has expanded its security purchases for monetary policy 5-fold in the past decade, with the lions share in the past 5 years. As the data I found was yearly, not monthly, the blue line is not smooth, but it can be assumed that between 2015 and 2019 it expanded in the same way that the SNBs did.
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