The EUR/CHF pair rose on Wednesday as the 1.20 level continues to hold the market up. The Swiss National Bank has imposed a “floor” at this level, and as a result has vowed to defending it by buying “unlimited Euros”. This makes for a tight market as there is no real desire to own Euros overall, but it can’t be missed that buying close to 1.20 and selling after a 20 pip gain is a steady trade at this point, and that’s exactly what we are doing. If we break below 1.20, the SNB will flood the markets and send this pair much higher. It’s a win-win situation.