Societe Generale - "Dealers are short ATM and topside region, against long downside a tad above 1.20 obviously and then short again sub 1.20. In other words, a lousy position. Expect spot vol correlation to be massive, spot higher, vols higher big time all way till 1.24sh cause then dealers get long again from call spreads. Strikes then spread from 1.2250/1.23/ around 1.24/ 1.25 and general unpreparedness for a weaker CHF in the market making community."