Don't fade the SNB. Buy EUR vs USD, CHF

SNB's EUR reserves are at record highs.

Combined with the

1) political relief in EU
2) improving EZ economic data
3) ECB likely to start tapering QE
4) a huge current account surplus in the Euro area
5) an undervalued EUR cf. long term moving averages
6) correlation of EUR with 'risk-off' macro environment - likely to persist given overvaluation of equities

These are excellent arguments to start buying EUR for the long term vs USD, CHF, GBP, JPY.

Today's 'sell the fact' retreat offers good levels to start scaling in to EUR longs.