SNB Chairman Schlegel (post-policy statement) says the SNB is also willing to be active in the FX market as necessary to ensure appropriate monetary conditions

The SNB occupies an unusual position among major central banks in that direct FX intervention is an established, openly declared policy instrument rather than an emergency measure, and the bank has used it in both directions over past cycles, accumulating reserves to resist franc strength in disinflationary periods and unwinding them when imported inflation was the concern. Verbal readiness of this kind from the Chairman is typically the first rung of the ladder: episodes of this sort have historically sequenced from jawboning, to sight deposit growth confirming actual purchases or sales, to any rate response, with the weekly sight deposit data serving as the tell on whether words have become action. The context here cuts both ways: with inflation low and driven mainly by energy, a stronger franc tightens conditions through import prices, so the intervention signal is the standard tool for resisting unwanted appreciation rather than a precursor to deeper easing. The distinction worth drawing is between smoothing volatility and targeting a level: the former is routine and passes quickly, the latter has in the past committed the balance sheet for extended periods. The follow-ons are the sight deposit prints, the tone of any subsequent Chairman remarks, and whether the franc tests levels where the SNB has previously shown its hand.