Voters rejected the so called Swiss-Gold proposal which would have required the Swiss National Bank to hold 20% of its asset as gold and not to sell bullion. This would have made it more costly for the SNB to intervene, and with the EUR/CHF testing the 1.20 SNB-floor, the pressure to intervene was imminent. With 77% Nays, the proposal was rejected, and the market should therefore have more confidence that the SNB will intervene in a timely manner IF EUR/CHF breaks below 1.20. This gave the EUR/CHF a jolt to start the week as we can see in the 4H chart.EUR/CHF 4H Chart 12/1 (click to enlarge) The EUR/CHF started the week with a gap to the upside. It has since closed this gap and testing a key level at 1.2020. This was a support pivot and where the 100-, and 50-period SMA in the 4H chart reside.The vote should give the 1.20 floor more support than if the vote were affirmative, but it should not be a reason for EUR/CHF to rally outside of its immediate reaction. As long as the ECB has QE on the table, the EUR/CHF will be gravitating to 1.20 if not lower. Slow-hold: Those who buy EUR/CHF around 1.20 will have to be satisfied with under 100-pip gains, or wait months for a possible return above 1.21.