The franc was flat against the dollar to trade at 0.9588 by 0623 GMT compared to the New York close.
The franc was little changed percent against the euro at 1.2013, within striking distance of the 1.20 cap set by the Swiss National Bank last September after investors anxious about the euro zone crisis pushed the safe-haven unit up 20 percent in just a few months.
Investors are largely pricing in a 25-basis-point cut from the ECB, according to dealers.
However, currency investors could be wrong-footed if the ECB fails to cut rates and unveil liquidity measures, according to Bank Sarasin.
"We don't expect all that much to happen, and there could be considerable flows if there isn't a cut paired with liquidity measures," Sarasin economist Jan Poser said, which in turn would push the franc higher.