EUR/CHF consolidation phase continues, the pair is maintained along the 1.1680 range and recently broke hourly support at 1.1675 (07/03/2018 low). Hourly support and resistance are now given at 1.1599 (01/12/2017 low) and 1.1779 (05/01/2018 high). The short-term technical structure suggests short-term sideways trading moves.
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, 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 can be found at 1.0234 (20/04/2015 low).
