The proper thing would have been not to peg in the first place and let the CHF raise gradually, driven by market forces. Also, it was utter idiocy to announce that they are abandoning the peg on a Thursday. They could have waited until market close on Friday, when most traders are out of the market and the rest have 2 days to think about their positions - then the dislocation wouldn't have been so big and the losses to the traders would have been smaller.