By FX Empire.com
EUR/CHF pair rose during the session on Wednesday as the European negotiations with Athens continue to drag on. The failure of any statement or announcement to an agreement is starting to get some traders concerned. There are a lot of analysts out there that believe the “good news” is already baked into the markets, and as such – we think the Euro’s gains could be somewhat limited.
However, in this pair we see that the line in the sand at 1.20 will more than likely be tested before it is all said and done. The Swiss National Bank will have to defend the area, and will. The shooting star from the Wednesday session does look like it wants to send this pair lower and as long as this pressure continues – we are awaiting intervention. We are more than happy to buy this pair – but closer to the 1.20 level. We won’t sell at all.
EUR/CHF Forecast February 9, 2012, Technical Analysis
Originally posted here
