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Well know that in turmoil times, Swiss Franc tends to be a refugee, a safe haven currency that quickly appreciates, when risk aversion extend wings above market. Yet late movements shown the swissy loosing ground and tending lower (meaning the pair remains bullish in bigger charts) forming a flag in daily charts, that could trigger some very interesting long movements in the medium term. Why is this happening? because deflation threatens the economy, and the National Bank intervention rumors including ideas of quantitative easing are weighting more and more, as the strength in the currency hits hard he export dependent economy. Is there chances of further upside movements there? no doubts yet no clear signals of this happening right away: the pair is closer to the mentined flag floor, than to break the roof. But the floor is holding and longer term bullish perspective will remain intact till a daily clear break under it.
For today, with the pair quoting around 1.5780, consider a first resistance at 1.1620 zone, followed by 1.1651, 1.1680, the zone around 1.1720 and finally 1.1780. Regarding supports, consider 1.1530, 1.1500 zone (ascendant daily trend line) and 1.1438.
