But more work to do...

The EURCHF moved to the highest level June 6, 2016. The high took out other highs from this month at 1.10727 and 1.10695. That is the good news. The not so good news is that the high could only get to 1.10755. The ceiling has been pushed, and even breached by a few pips, but not running - at least not yet.

Staying on the daily chart, the failure to extend does threaten the rally in the pair. However, it should also be noted that the lows over the last few weeks, have been able to stay above a support level at 1.09837-864. That level was a swing high back in September 2016 and again in May 2017. Staying above has kept the buyers in control and for longs, that level is a wider risk defining level.

Drilling to the hourly chart, the move up today, has been able to extend above the 200 and 100 hour MAs at 1.10306 and 1.10287 level. Also near the level is a trend line that was broken to the downside just yesterday, but re-broken back to the upside today. That line cuts across at the 1.1032. That's bullish.

Can the price go down from here? Yes. When risk is limited (and there have been a number of highs to put a ceiling on the pair - see blue circle), traders will lean. If the price can stay below and move lower, what was broken today (the 100 and 200 hour MA and the trend line) will now be support (at 1.1028-30). A move below that area and you can expect a retest of the 1.1083-86 area.

A move above the ceiling and prior highs from June 2016 at 1.11047 and May at 1.1128 will be the upside targets.