The EUR/CHF found itself treading dangerously close to the floor put in the pair by the Swiss National Bank on Wednesday. The move initiated on Tuesday saw the pair go as low as 1.2030 at one point, but the market backed off before the Swiss had to get involved.
Without a doubt, only the foolish and reckless are selling at this point. The SNB will certainly intervene if the level is broken, and as a result – you can only buy this pair at the moment. Any signs of support would have us interested. Having said that – the candle for the day is a shooting star-shaped one at the bottom of the recent decline in price, always a bearish sign.
EUR/CHF Forecast February 2, 2012, Technical Analysis
Originally posted here
