Heavy stops were triggered below 1.2100 last night but falls were limited to 1.2083, with many players very happy to buy dips ahead of expected SNB action to support the pair above 1.2000. Now that we’ve had a look below 1.2100, I’d expect further losses to test the big 1.2000 level sometime over the next week or so. There had been some expectation that the SNB might start buying as soon as 1.2100 broke, but no sightings have been reported to the best of my knowledge.