I guess we can blame the calming tensions in Egypt for the recent spike in EUR/CHF. The SNB must be very pleased no matter what the catalyst. Stops were triggered above the 1.3070 level this morning and we briefly pushed through 1.3100 to 1.3105.
We look set to close above a four-month old downtrend today which came in at 1.2977. But looming just overhead is resistance at 1.3119, the 50% retracement of the 1.3840/1.2398 decline.
