EUR/CHF had a bearish day on Wednesday as the risk off trade came back into the market. The Swiss National Bank has a well-known floor in this pair at the 1.20 level, and will intervene below that somewhere if the market tries to fall too much farther. The market cannot be sold because of the lack of room at this point, so buying is the only way you can trade this pair. However, we want to wait until lower prices, and the closer we get to 1.20, the more likely we are to buy. Selling simply cannot be done – period.