The EUR/CHF pair originally popped during the Thursday session, only to give up all of the gains on comments out of Germany that the Eurobond wasn’t an acceptable solution to the debt crisis. There was hope that perhaps the super bonds could be created, but with Germany not participating – they would be worthless. The markets then continued to sell the Euro as a result. The Swiss National Bank is currently ready to defend the 1.20 level to the downside, so any fall is going to be extremely limited at this point. Because of this, we are waiting to see if the 1.20 area can get tested, where we would be willing to buy. The breaking of 1.25 above would be a long-term buy signal.