EUR/USD is not used to playing second fiddle, but today it is far from the spotlight. Early it was JPY that took a start-turn. Now it is the Swissy that is the currency du jour. It has gone into free-fall since the SNB announced it would sell the unit against the euro to offset the tightening impact of a too-firm currency, in their opinion.
US equities have turned to the downside, which could help spark a dollar rebound but EUR/USD dips should be cushioned by EUR/CHF demand. Small bids are seen at 1.2790 and 1.2770 on pullbacks.