EUR/CHF bullish momentum pauses below the 1.20, slightly recovering and heading along the 1.20 range. Strong resistance above 1.205 remains. Hourly support given at 1.1842 (11/04/2018 low) is distanced. The short-term technical structure suggests short-term sideways trading 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).
