EUR/CHF continues to press higher overall, but we are getting a bit stretched at this point. The market seems to find plenty of sellers just below 0.99, and the recent action has only confirmed this. The market is also hanging about the 0.382 Fibonacci level, and Friday was a shooting star. This Friday candlestick was interesting because you would think the normal correlation to risk would dictate a better looking candle.
At this point, it seems like we could be rolling over. This makes sense as there is a certain amount of “safety” in the Swiss franc, and of course the issues in the European Union are well known at this point. I will be shorting on a break of the last 2 days.
Chris
