Sharp spike but resistance holds.
(By Peter Rosenstreich)
• EUR/CHF recovery bounce continues testing
1.1623 (15/09/2017 high). Support is given at
1.1388 (02/09/2017 low). Rising channel suggest
further bullish momentum.
• In the longer term, the technical structure has
reversed. Strong resistance is given at 1.20 (level
before the unpeg). Yet, the ECB's QE
programme is likely to cause persistent selling
pressures on the euro, which should weigh on
EUR/CHF. Supports can be found at 1.0184
(28/01/2015 low) and 1.0082 (27/01/2015 low).