I just got a note from ‘the inside’ which says that Swiss banks expect the SNB to re-appear around the low 1.42’s in order to slow down the current fall in EUR/CHF. The big Swiss banks such as UBS and Credit Suisse have traditionally had a very close working relationship with their central bank. I’d suggest waiting for the SNB bids to appear, let the first rally happen, and then buy the next dip as we will then know where the new line in the sand is.