EUR/CHF Bearish Consolidation

EUR/CHF Bearish Consolidation

EUR/CHF is starting a bearish consolidation phase at 1.1780, heading along 1.1775. Hourly support and resistance are now given at 1.1599 (01/12/2017 low) and 1.1833 (15/01/2018 high). The short-term technical structure suggests short-term sideways trading moves.

In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB’s slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support can be found at 1.0234 (20/04/2015 low).

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