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EUR/CHF to Test Critical Floor

The Swiss franc edges higher as the market continues to price in the SNB’s hawkish turn. The euro’s plunge below the daily support at 1.0230 caused leveraged long positions to close out, driving up volatility. As the dust settles, an oversold RSI caused a brief rebound as short-term sellers bagged their profits. The price action is near April’s lows around 1.0090. A bearish breakout might trigger a new round of sell-off below the parity. On the upside, 1.0270 is the first resistance to clear before a recovery could materialise.

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