The fact that the SNB say they haven’t been into the market selling francs doesn’t mean that they haven’t been getting someone else to do the dirty work. The jungle drums are saying that they’re on the bid again at 1.2050 (as we heard a couple of weeks ago). Take it for what you will. EUR/CHF up to 1.2073 from the 1.2053 low. And we’ve also got that big 1.78bn option expiry at 1.2135 today that I mentioned last week. (full story)