Taking a look at 4 hours charts, we have a probable head and shoulders figure, with the neck around 1.0790. Actually at 1.0780, a candle opening under mentioned neck line could accelerate the fall, supported by bearish indicators plus price moving under 20 SMA. Immediate support comes at the 1.0750 static support zone, followed by 1.0720, and further, 1.0670 zone. Above 1.0800, resistances lie at 1.0840 and 1.0882, this week high.

I always take a look at EUR/CHF to find clues for Swissy, especially after all the interventions we had since March. First intervention level was 1.5000, while SNB “upgraded” their “standards” and last interventions come when this pair approached to 1.5100. Could it be now 1.5200? I don’t know, but I will be watching carefully. The pair dropped sharply and is just under strong 1.5270/80 support zone. Under this level, lies the 1.5250 zone before key 1.5200. A recovery above 1.5300 will favor more rises, with next resistances at 1.5335 and then 1.5365, this week high.

  With Swiss Franc falling after the rate cut, this is an interesting pair to analyze today: as is moving along with Euro against dollar, this pair has reached the 1.5300 level quickly and remains bullish at the moment: next resistances will be at 1.5331, and the key zone @ 1.5360; above this last, daily charts suggest a more interesting upside continuation, first to the zone @ 1.5375, followed by 1.5420 and finally 1.5458 and finally 1.5516. Supports from actual price will be at 1.5250, 1.5200 and finally the zone @ 1.5148.

As mentioned on previous post, the Swiss National Bank surprised with a really aggressive 100 basis point cut of the Libor rate. Sending Swiss Franc down against major rivals, particularly against American Dollar, almost at 2 years low, and Euro, where we saw an historical minimum a few weeks ago. the underlying intention of this cut, is clearly pointing to fight recession, that continues spreading it’s wings above all Europe. The SNB also offered additional funds in the money market to increase liquidity after the cut. Regarding Usd/Chf, the pair is addressing to the mentioned key 1.2210 zone, while Eur/Chf, quoting right now @ 1.5290, needs to clearly break above the 1.5360 zone to continue the upside movements in the longer term. I will add a post about the pair in the next minutes.