FXstreet.com (Barcelona) - While most of the focus remains on Greece, the SNB Chief gave a speech during the European morning where he voiced his commitment to defend the 1.20 floor in the EUR/CHF: “He said the SNB is firmly committed to the 1.20 EURCHF floor, can buy unlimited quantities of foreign currency and will take additional steps if warranted”, wrote Chris Walker, analyst at UBS AG.

Ahead of the speech, the EUR/CHF rallied and found a high at 1.2084. Although a strong retracement followed, the pair is now back on those highs, quoting at 1.2082 at the moment of writing.