EUR/CHF fell on Wednesday as traders continue to dump the Euro. The German 10-year bond sale in the European morning was weak, and this started a rout for the Euro in general during the session. The pair is being supported by the Swiss National Bank and its floor of 1.20, so we think the downside is somewhat limited. The Euro isn’t desired by anyone at the moment, so there is no real reason to buy. However, if we were to fall closer to the 1.20 level, we would be very interested in buying this pair. We won’t short it and tempt the SNB.