Swiss Franc’s broad based selloff intensifies in European session. EUIR/CHF break of 1.0890 resistance suggests that consolidation pattern from 1.0915 has completed. Firm break of 1.0915 will resume whole rebound from 1.0503 to 61.8% projection of 1.0503 to 1.0915 from 1.0737 at 1.0992. That would put 1.1059 key resistance into focus.
GBP/CHF also hits as high as 1.2625 so far, with eyes on near term channel resistance (now at 1.2645). Decisive break there will indicate further upside acceleration for 100% projection of 1.1102 to 1.2259 from 1.1683 at 1.2840. Strong break there will raise affirm the case that rise from 1.1102 is an impulsive move that’s starting a long term up trend.
Development in CHF/JPY could help gauge the intensity of Swiss Franc’s coming moving. While it retreated after hitting 118.59 long term resistance, outlook stays bullish with 116.20 support intact. However, firm break of 116.20 will confirm rejection by 118.59 and turn near term outlook bearish for 55 week EMA (now at 114.70) and possibly below. . That could give additional pressure to the Swiss Franc elsewhere.
  
