Reports have circulated this morning that the BIS stepped in to buy EUR/CHF around 1.5160 level but prices were only able to bounce to 1.5195. The market is weighed down with longs in this pair and at this point is hoping for a more dramatic foray into the market by the Swiss National Bank so they can unwind those longs. The SNB are no dumbies, and are unlikely to merely bailout specs nursing stale longs. We may need a purge of the longs beforea sustainable rally can unfold.