EUR/CHF sat still on Wednesday, which is understandable after a 1,000 pip range on Tuesday. The pair is now pegged to 1.20 effectively, as the Swiss National Bank has decided that the level was where they were willing to defend it at that point. The 1.20, the weekly trend line we broke, and the SNB can all be supportive on a pullback. If the 1.20 area produces a hammer or engulfing bullish candle, we are ready to go long this pair. Until then, we think this pair will be very, very quiet.
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