As Jamie mentioned overnight, a report from a US consultant concluded that the SNB could not hope to continue intervening in EUR/CHF and this helped the pair to fall 60 pips immediately and the slow slide has continued in Asia. There has been no bounce whatsoever. The SNB reaction in trying to sell the cross through the Swiss Banks immediately after the initial big rally off 1.40 gave the game away. It showed that even Central Banks are worried when they are required to take extra large positions. The experience of the BoE in the early 1990’s is still fresh in many memory’s.