€ EURCHF has ripped higher as the Swiss Franc collapsed following the Swiss National Bank's interest rate announcement. € EUR/CHF has soared from 1.4760 to 1.5300 in the hour after the SNB released its decision, reaching its highest level since Dec 19. € Their announcement today is aimed at accomplishing 2 goals at their expense of their neighbours which is protect their export sector and prevent the economy from falling. Roberta Lien affirms that the Bank was after a CHF depreciation in order to protect their export sector. Swiss Franc plunges across the board on SNB € Quanitative Easing program € The Swiss Franc has been sold massively against all majors after the SNB decoded to trim interest rates by 0.25 basis points, but mainly by the Quantitative Easing program announced by the Bank.According to Kathty Lien, Director of Currency Research at GFT, the Bank € program is the main reason behind the CHF slump.

Their decision to cut the Libor target range 25bp to 0.00-0.75 percent was leaked but the big move in the Franc was driven by the SNB's massive Quantitative Easing program involving currency intervention.