This is a great go-as-far-as-you-like hike, making a wide circuit around the Saas Fee valley. A good, easy to moderate day would be to hike from Saas Fee as far as Gletshergarten, before following signs directly down to Saas Fee.
If you’re more ambitious you can continue around the valley to Hannig, where you can either hike down to town, rent a scooter (“Trotti bike”) to ride down, or hop on the gondola for a quick and easy descent.
There are two restaurants enroute, at Gletschergarten and Hannig.
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If it rains... This is a fine rainy-day walk. Much of the early part of the walk is wooded and not too high or exposed, and the waterfalls can be particularly impressive on wet days. Warm up in the dining room at Gletschergrotto with a hot chocolate.
You might skip the last part of the hike on a wet day and just return to Saas Fee from Gletschergrotto instead of hiking up to Hannig.