EXCELLENT article on ZH on this subject.

Since the first rumor about tying the chf to the euro I've been saying it's a BS rumor. Padrino agreed because it appears to require constitutional amendment to do so. I talked to ransquawk about it yesterday, and he agreed too.

Today, they said it wasn't going to be happening (duh) and I suspect the CHF is going to regain much of it's lost strength.

ZH wrote..

Citi On The SNB Non-Intervention: Pegs Can't Fly, And Why FX Spot Market Intervention Is Not A Panacea

...
We think that today’s decision is an important indication that the SNB is still reluctant to intervene on the FX spot market and that investors expecting such measures in the near term could be disappointed. We maintain the view that a FX spot market intervention to keep CHF below certain target level is a measure of last resort for the SNB. We suspect that the SNB strategy remains to build a wall of supply to counteract any further escalation in the demand for Swiss franc.
...

Much more: http://www.zerohedge.com/news/citi-snb-n....

[Edit: Disclosure, long CHF. Though I'm in and out of all sorts of crosses all the time.]