After a scare late last week, the bulls are back in control of EUR/CHF as the pair tests Friday’s intraday high of 1.2401.
EUR/CHF faced a very tough line of offers around 1.24 on Sept 5/6 so a break higher is far from assured but it’s worth keep a close eye on. A break would immediately face downtrend resistance and the August high of 1.2434 but the close might be a better indication of what’s next.
EUR/CHF hasn’t closed above 1.2400 since July 10 and would set the stage for a move to 1.2460.
On the other hand, a failure would likely spark a round of fast-money profit taking.
