EUR/CHF is increasing further, approaching the 1.20 range and heading along the 1.1980 range. Strong resistance at 1.20 (level before the unpeg) remains. Hourly support given at 1.1715 (07/01/2018 low) is distanced. The short-term technical structure suggests short-term increase.
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 1.0624 (24/06/2016 low).
