Following on from the story below I have rung a few interbank dealing desks and there are in fact some stop-losses in EUR/CHF below 1.5100 and particularly heavy below 1.5000. The SNB don’t usually signal where they are going to be buying but if their bids don’t show up then it might get nasty. On the other hand, this pair never really moves anywhere so expecting something to happen is probably a bit optimistic.