The analytic team of Nomura is 100% confident in the SNB’s intensions. They are sure that the SNB is capable of defending the 1.2 level in the market of EURCHF.
They say that the election of a new SNB Chief will stimulate the central bank’s activity. That is why any near-term rally of EURCHF will be of reflexive nature.
Nomura’s currency strategists recommend going long EURCHF at the current levels. They have already opened long trades at 1.2040. The expected target is 1.21 – 1.215.
According to , USDCHF continues its retracement, thus completing the previous upswing – wave A(C ) or shortened C. A break above the local high at 0.9209 will resume the rally. If this is the case, 0.9221 and 0.9253 will become the closes levels of resistance. A break below 0.9152 will continue the forming of wave A/B on condition that the price breaks below the MF pivot 0.9149. The MF pivot 0.9142 will turn into the closest major level of support.
