As discussed earlier, the SNB dropped rates today and threatened intervention. Thus far it hasn’t gone all that well for the SNB, with the market seeing the drop as a great chance to reload on longs. I know I did. Against the Euro and the Dollar and Yen, the CHF rallied back to the point of the rate announcement (3am est). The CHF has backed off since in all three currencies, but it stands to reason that the SNB has a real fight on its hands should it want to maintain its actions. Intervention lasting 6 or 7 hours isn’t going to cut it, from their point of view at least.