Last week the Euro also capitulated against the swiss Franc and dropped from a weekly high at 1.0391 on Monday to a spike low of 0.9972 on Friday. Since then we have seen a recovery. At time of writing EURCHF trades just below the 1.02 treshold. The only good thing about it is that we now at least have some orientation to the downside. After the break of the former supposed 1.05 SNB intervention level there was not much support left apart from the big parity mark. The latter finally held.
If risk markets continue to rally there is still room to the upside to 1.0300/50 in the near term. Anyway I do not see the currency pair above the 50 ema (1.0370) without a big good news from Ukraine. And even that movement could be short-lived. The support zone is now clearly defined by the big 1.00 mark.
The Dollar rally has also supported USDCHF what came as a bit of a surprise. Ultimately the green ascending support line has always held and the currency pair is trading now with a skew to the upside of the recent 0.9100 / 0.9350 range well above all moving averages. Still I can’t long the pair and would rather look for shorts below the 0.9350 resistance.
Good luck,
Sebbo