Business was back to usual in EUR/CHF as the pair gyrated in tight range last week. Outlook remains unchanged so far. Any y downside attempt should be contained by SNB's 1.2 floor. Upside volatility could be seen if speculations revive. But we'd, after all, treat that as volatility only unless we see some "real" developments.
In the long term picture, after SNB intervention, the long term down trend in EUR/CHF is put into a halt at 1.0061. While the whole rebound from 1.0061 was strong, there is no scope of trend reversal yet. And, we'd expect strong resistance inside 1.2399/3243 resistance zone to limit upside unless there is a drastic turn in risk sentiments. But in any case, downside should be contained by 1.2, the floor set by SNB.
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