EUR/CHF: Headed back towards buy zone, or?

I know I was all bulled up on USD/CHF a few weeks ago but at least I can say in my defence that I sensed the error of my ways on time and managed to get out at a very healthy level.

Now that EUR/CHF is headed back towards 1.2200, should we be buying this ‘cheap’ dip or should we be avoiding? I didn’t even mention going short, as it’s hard to imagine anyone going short ahead of SNB bids but I know of at least one very experienced trader who thinks that EUR/CHF will be back at 1.10 by mid next year (on the back of a renewed EZ banking crisis).

I think its probably worthwhile buying dips towards 1.2200 in the hope that the bull trend can re-emerge, but my confidence is slowly eroding.