EUR/CHF has failed to test resistance at 1.0700 (19/03/2015 high) and is now holding below this level. Hourly support can be found at 1.0234 (20/04/2015 low). The SNB has clearly stated that they will intervene as long as the Swiss Franc is strengthening. We remain bearish on the pair.
The EUR/CHF is digesting its 15 January sharp decline. A key resistance stands at 1.1002 (02/09/2011 low). The ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).