The EUR/CHF pair fell on Thursday despite the Swiss National Bank providing a backstop for this pair below. The selling of the Euro continues in other pairs as the world simply doesn’t believe the EU summit will produce acceptable results. The pair has been in a range between 1.22 and 1.24 for the last few weeks, and there is very little to suggest that it will break out of the range. However, there is an announcement coming later today, and this could produce a move. A move lower will almost undoubtedly produce intervention from the SNB if the market reaches 1.20, and a break above the 1.25 level (in the case of good news) would be a long-term buy signal. Until one of those two things happen, this pair will continue to chop around.