That's not what I meant. If they had announced their move on a Saturday, most traders would have been out of the market and the rest would have had two days to think about their positions. The CHF would have still jumped on Monday, but not by that much because it wouldn't have been a panic-induced move. A smaller increase would have meant lower losses for the SNB euro holdings and for the Swiss exporters. No need for the SNB to actually sell anything; I was referring to the marked-to-market value of their euro-denominated assets.