EUR/CHF is starting a consolidation phase at the 1.1764 range, approaching hourly resistance at 1.1779 (05/01/2018 high). Hourly support remains at 1.1599 (01/12/2017 low). The shortterm technical structure suggests short-term consolidation.
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).