The euro is falling today but the Swiss franc is falling even faster.

There was nothing in the ECB comments that would suggest EUR/CHF strength. If you think Draghi is going to take further action, you would want to be short the pair so the market reaction doesn’t make a lot sense. One theory might be short covering after the ECB didn’t make a move but that’s a tough one for me to believe.

In any case, the technicals are bumping up an important level.

EURCHF daily

EUR/CHF daily

I’ve been long EUR/CHF and covered it here. I’ll look to buy a dip or a break.