EUR/CHF had a fairly wild day on Wednesday as the market first rose, and then fell. The Swiss National Bank has imposed a “floor” at the 1.20 level in which we expect them to intervene. In fact, they said they would. Because of this, you have to be very brave to short this market right now, and we are willing to take the other side of that trade. On the first sign of supportive action, or if we drop below the 1.20 level – we would consider buying a small position in this pair.