EUR/CHF is starting a consolidation phase after breaking hourly resistance at 1.1779 ((05/01/2018 high). The pair is heading lower along the 1.1758 range. Hourly support and resistance are now given at 1.1599 (01/12/2017 low) and 1.1833 (15/01/2018 high). The shortterm technical structure suggests short-term decrease.
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).
