The short-covering in the EUR failed to affect EUR/CHF and we are not very far away from important support at 1.2050 and vital support at 1.2000. The SNB re-iterated overnight their intent to defend the 1.20 peg (but does that mean they will be on the bid at 1.2000 exactly or will 50/75 pips below be also ok?). Monstrous stops are also reported below 1.2000.