The swiss franc became ~20% stronger in January 2015, when the swiss national bank removed the 1.20 cap. Ever since, the SNB has consistently been saying that the franc is overvalued, and has made efforts to weaken it. Last week, after 2.5 years, it lost much of its strength, trading at about 1.13 for each euro.
However, when I look at Switzerland's exports and overall trade balance, it has done pretty well. I don't see almost any effect of a stronger currency weighing on trade. If anything, the trade balance has been slowly increasing these few years (meaning more exports than imports). Inflation also started to increase all through 2016.
So why would the SNB still say last Thursday that the franc is significantly overvalued? Am I missing some other variable in this equation?