EUR/CHF had a bearish week this past week as traders reacted to the relatively weak bond auctions in the EU. The Germans even had trouble selling debt, and as a result this pair sold off. The Swiss National Bank is defending a floor at 1.20, so the pair continues to have limited downside potential, but the very fact that it still managed to fall in that scenario shows just how weak this pair really would be if it weren’t for the SNB meddling in it. This says everything you need to know about the Euro: Sell it on rallies. In this pair though, we would like to buy if it can close above 1.25 or so. Until then, there simply isn’t anything to do.