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The 'odd risks' of trading EURCHF you must be aware of

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There are some odd risks with trading EURCHF right now, according to Saxo Bank's Head of FX Strategy, John Hardy. There's speculation that the Swiss National Bank's 'ceiling' of 1.20 in the pair could be breached. Much depends now on the SNB's next move and what news we get from the European Central Bank at its policy meeting later this week. 
John says there's a "small but significant" risk that we could a move below 1.20 if there are no new policy moves or if speculators challenge the market. He looks at different trading scenarios and what all investors should be watching out for.