By FXEmpire.com
The EUR/CHF pair continues to be dead money in the longer-term sense as the Swiss National Bank and its “minimum acceptable exchange rate” of 1.20 has held firm. The level looks as if the market is going to continue to respect it, and as a result we simply cannot sell at this point. A bounce could be very possible, but only if there is a dip below the 1.20 level as it would invite intervention by the Swiss authorities. If we get more than 20 pips below the 1.20 handle, we would buy, and take profits at the 1.24 level as it looks to be the next massive resistance level. Otherwise, there isn’t much to trade from a long term point of view.
Click here to read EUR/CHF Technical Analysis.
Originally posted here
