It's a clear fact that they can't continue to peg francs on euro or else this will have negative on their economy. Euro is dropping for sure and there might be indications that ecb will move towards QE just like what the fed has done in the past. In order to maintain at the 1.20 level, snb need to intervene. It's either need to buy euro which logically you don't buy a currency that will drop in value or print more francs to devalue their own currency, which is also equally bad.