The bulls, and there are plenty of them, were happy yesterday when EUR/CHF got back up to 1.2130 and they were no doubt dreaming of a big payday but any market that is sitting long to such an extent, will struggle to maintain those gains for any length of time. Nevertheless, the SNB is still expected to be on the bid at 1.2025, at the latest, and they may even show up a bit sooner than that. Real money offers near 1.2150 continue to provide the topside cap. The stop-loss sell orders below 1.1995 are said to exceed EUR25 billion.