Not so long ago EURCHF tested the 1.2 limit. However, the SNB did nothing in response.
They say currency interventions will be successful only if supported by fundamental data. The first round of currency interventions (2008-2010) was implemented without a glance at these data, which hand no positive results, thus resulting in the necessity of new interventions. It should be noted that there have been no considerable changes in the Swiss economy since then. There are no external factors supporting interventions as well. The defense of the 1.2 limit looks rather costly.
Forex.
According to , the Swiss Franc is still weakening against the US Dollar.
A break above 0.9247 will resume the forming of wave А(С)/С of Н4 inside the current major upswing. The closest levels of resistance are 0.9253, 0.9273, 0.9293 0.9334. A break below 0.9124 will trigger the bearish scenario in the form of wave А/В. The closest major levels of support are 0.9090 and 0.9001.
