Although this strange price action, consensus is that the market seems decided to test the SNB’s resolve, as the appreciation of the Swiss franc against the single currency appears to be unstoppable.
SNB’s interim President T.Jordan said yesterday the bank is ready to buy foreign reserves in unlimited quantities in an effort to curb the downside, accelerated after the SNB quarterly meeting last December.

The pair is gaining 0.05% at 1.2059 as of writing, with the next support located at 1.2025 (low Jan.31) followed by 1.2023 (low Sep.14) then 1.2000 (SNB Target Sep.6) and 1.1002 (low Sep.2).
A breakout of 1.2068 (high Feb.2) would bring 1.2082 (MA21d) then 1.2109 (high Jan.25) and 1.2128 (high Jan.13).