With a new intervention of the Swiss National Bank yesterday, we did see the pair sharply reversing with a 400 pips move to the upside. All the CHF pairs have surged the same way.
This outlook remains extremely bearish and we expect to see more than an intervention to modify the overall setup. A reversal on such a market takes a lot of time and confirmation.
The pair seems to have found some resistance near 0,77 where it stalled out. We now need to see a break above this level to confirm a bullish momentum. It would signify that market participants have digested the recent news and are ready to accept a potential reversal.
We will keep a close eye on the CHF currency behavior today as it will determine the future moves on the CHF related pairs over the coming weeks.
