EUR/CHF originally was bullish for the Wednesday session, but the 1.24 – 12.5 level turned out to be far too strong in its resistance again. The pair is beholden to two separate forces currently: the Swiss National Bank and its “floor” at 1.20, and the lack of desire for traders to own the Euro in light of the massive debt crisis engulfing the continent currently. While we don’t advise selling this pair in general, there are scalping possibilities at this point as the pair looks set to grind lower. The buying of this pair isn’t going to be possible until we get a daily close above the 1.25 level as the move would show a serious break out.
EUR/CHF Forecast Dec. 8th, 2011, Technical Analysis
Originally posted here
