EUR/CHF is bouncing off from 1.1507 low, trading above 1.1575 and heading along 1.1590. EUR/CHF bearish trend started mid-May is however maintained. Hourly support and resistance are given at 1.1447 (08/02/2018 low) and 1.2006 (20/04/2018 high). The technical structure suggests short-term upward moves.
In the longer term, the technical structure has reversed. Strong resistance at 1.20 (level before the unpeg) is now at reach. The ECB’s slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support and resistance can be found at 1.0624 (24/06/2016 low) and 1.2097 (18/12/2014 high).
