A bounce to 1.2045 after hitting 1.2034, where there appears to be some solid bids.
Alan Ruskin says persistent flows into EUR/CHF despite the recent risk reversal will push the SNB to action:
“There is a bigger flow story here regardless of risk, that is going to force the SNB to again massively inflate its balance sheet, this time by being forced to follow the ECB’s lead,” Ruskin said.
