Despite the liklihood that the SNB will be defending the 1.2000 level in this pair, big real money funds were noted sellers of the cross overnight above 1.2120. It would seem like an obvious thing to do, to wait and sell on stop below 1.2000 if the SNB fail to hold it up, so why don’t these big professional funds do that? I have no idea I must admit but I have also no interest in trying to buy this pair in the hope that the SNB come good; the bearish sentiment is simply too strong.