Mr. Draghi suggested that further interest rate cuts were less likely than previously thought and cited the decline in the borrowing costs of the euro zone's more fiscally frail states, with yields on 10-year Spanish government bonds dropping to their lowest levels since March.

"As the euro-zone debt crisis is abating we expect to see further support for [the euro against the Swiss franc], as it was mainly the role of the franc as a safe haven that supported the Swiss currency," said Lutz Karpowitz, chief currency strategist at Commerzbank AG in Frankfurt.

Eoin Treacy's view Demand for a safe haven outside the Eurozone zone drove the Swiss Franc to such high levels that the SNB felt obligated to put a cap on the advance and drew a line in the sand a €1.20. However as the fear of an imminent breakup of the Euro recedes there is less demand for a safe haven. The EUR/CHF rate is currently rallying away from the €1.20 area and a clear downward dynamic would be required to check momentum beyond a brief pause.