Yes there are big bids at 1.2050 and yes the SNB has again reiterated its intention to maintain a 1.20 peg in EUR/CHF, but that doesn’t necessarily mean that the monstrous stop-loss sell orders below 1.20 are safe!

Is it possible that on a Monday morning, stops get triggered below 1.20? Is it possible that the full market opens way below 1.20 and causes a big ‘margin call’ event? Is it possible that the SNB don’t have a firm bid at 1.2000, but decide later in the day to drive it back higher? Answer Yes to all.

Sorry if I sound like a Nervous Nellie, but we’ve all seen these things happen before, so be careful!