Friday saw a continuation of the EURO RALLY as the most despised currency was the subject of massive short covering. For months many analysts have been opining that the EURO was heads to PAR with the DOLLAR. The trade looked promising as 2011 came to a close but in 2012 the EURO has rallied against the DOLLAR. Until last week, the EURO had weakened on many of the CROSSES but even those began to significantly correct as the EURO rally against the DOLLAR continued. The action on Friday saw the EURO rally against all currencies except the SWISS FRANC as that cross hovers near the SNB‘s line in the sand level of 120 EUR/CHF. Late in New York, the EUR/CHF closed at 120.48 so the Swiss National Bank has to be concerned that traders are going to challenge the veracity of the SNB’S SWISS FRANC POLICY.