I am not sure whether I like (or trust) the SNB Euro diversification story. It sounds good but fans of Laugh-In will remember the saying; Very interesting – but stupid. Well this sums up the SNB diversification story for me. If it was true EUR/USD would probably had gone through 1.20 by now. You would not see a bid for dust. Anyway it has had the desired effect; EUR/CHF is down from around 1.44 to 1.4345. I have no opinion on this pair – its a contrived currency and I prefer to leave it alone.