EUR/CHF sideways trading phase stops, the pair is decreasing, heading along the 1.1771 range. EUR/CHF bullish trend started in March is maintained. Hourly support and resistance are given at 1.1715 (07/01/2018 low) and 1.1833 (15/01/2018 high). The short-term 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).
