The EUR/CHF pair has been one that simply won’t move. The reason is well known by now as the Swiss National Bank has mandated a “floor” in this pair at the 1.20 level. This area is being intervened at by the Swiss, buying as much as 7 million Euros a minute in the month of May by some estimates. The Swiss have stated that they are willing to buy “unlimited Euros” in order to defend this level, and they look serious. Because of this, there is no long-term trades in this pair.