Here are some key points from today's SNB statement:- The LIBOR stays between 0% and 0.25%.- 2014's growth forecasts are revised higher: "the reported figures for previous quarters are higher, and therefore GDP growth for the current year should also be somewhat higher than assumed in September, by 1.5–2%."- Inflation forecasts for 2014, 2015, and 2016 are lowered: "The SNB has once again adjusted its conditional inflation forecast downwards compared to the previous quarter. Above all, the appreciably lower oil price will push inflation into negative territory during the next four quarters. Over the medium to long term, persistently low inflation across the globe and the even weaker outlook for the euro area economy will dampen inflation in Switzerland.”(click to enlarge; source: SNB Statement) - SNB President, Thomas Jordan reaffirms defending the cap on CHF, which includes making sure EUR/CHF stays above 1.20. "the SNB will continue to enforce the minimum exchange rate with the utmost determination. It is prepared to buy foreign currency in unlimited quantities for this purpose" Quotes from the Official SNB Statement (PDF) The EUR/CHF was held above 1.20 after the Swiss-Gold proposal was voted down. However, the pressure on the euro remained, and the EUR/CHF was held under 1.2045. After the SNB statement, there was some CHF-buying, but it was mostly apparent in EUR/CHF, which looks poised to test that 1.20 SNB floor. This move is both due to weakness in the euro and strength in the swiss franc. While the SNB is likely to keep its word and defend the 1.20 handle, we should not see much of a rally from here as long as the euro is weak, which is also somewhat dependent on how long the current downturn in the eurozone will last. Given the current economic conditions in Europe, the EUR/CHF might hover above, or oscillate around the 1.20 SNB floor for months to come.