According to data from Jincheng Ten, Commerzbank stated that even if the Swiss National Bank further cuts interest rates after lower-than-expected inflation data, the Swiss franc's room for decline is limited. All signs indicate that the Swiss National Bank may cut rates by another 25 basis points to 0% in June. Even if negative interest rates reappear, market participants should be aware that the Swiss National Bank's operational space is limited, which may restrict the depreciation of the Swiss franc.