I mentioned last week that the big Swiss banks ‘expected’ the SNB to intervene in the EUR/CHF around 1.4200. Little wonder that the big banks make such massive profits out of Foreign Exchange. Sure enough on Friday night the SNB came in and spooked the market higher from 1.4150 to 1.4400 before it settled back down again. I’m hearing from the same Swiss banks that the SNB is serious about smoothing out EUR/CHF falls, whatever that may mean.