The pair has been consolidating all week after the sharp bounce we saw since August 10 and following the statement from SNB vice president about a possible future peg of the swiss franc on the Euro which could find an approval from the ECB.
From a technical stand point, the recent rally is still considered as a corrective move though and the main long term bearish trend remains intact.
However, and given the sharp bounce we saw on the previous week which closed in a nice weekly inversed hammer (spike), we might see a continuation of the corrective move going forward with a next target in the 0,84 area corresponding to the daily 100 moving average. We need to see the market establishing above the key 0,80 resistance to validate this bullish scenario.
Over the short term, we might see the pair sliding to the downside in the purpose of building a higher low formation near the 0,77 level before resuming its move to upside.
