EUR/CHF rose slightly during the Thursday session, but still remains under the 1.25 level. The 1.25 area looks like a buy area for us if we can close above it. The breaking on a daily close has us holding onto a long position for a long-term move. The biggest problem is that in order to buy the Euro, you would have to think the EU has got it all together…..which it clearly doesn’t. Someday this is a long-term buy and hold, but that day isn’t today. The SNB has put in a floor to this pair at 1.20, and any break below that would certainly invite intervention. Because of this, the downside is limited at best.