Wed, Feb 01, 2023 @ 00:27 GMT

EUR/CHF Heading Higher

EUR/CHF bullish momentum is maintained, the pair broke hourly resistance at 1.1731 (01/01/2018), approaching hourly resistance at 1.1763 (03/01/2018 high). Hourly support remains at 1.1659 (06/12/2017 low). The technical structure suggests further short-term increase.

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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