EUR/CHF fell on Monday as the rally in the Euro faded fairly quickly after the austerity measures passed in Athens. The pair has a floor in it at the 1.20 level, and as such we aren’t overly keen on selling this pair as the Swiss National Bank will certainly intervene if that level gets broken through.
The 1.21 level has been resistive lately, and as a result we are waiting for pullbacks in order to buy the market. We feel that although there is no real convincing argument to buy the Euro on the whole, the closer we get to 1.20, the more likely we are to see the Swiss push this pair up in short notice. As a result, we are buying these dips as the entire market knows this as well.
EUR/CHF Forecast February 14, 2012, Technical Analysis
Originally posted here
