(23 OCTOBER 2017)EUR / CHF:Sharp spike but resistance holds.

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).