Here are some brief comments from JP Morgan on EUR/CHF (and EUR/JPY following), dated 7 November.

(I posted earlier from JP Morgan here: EUR/USD technical analysis chart from JPM (Elliot Wave) “bounce risks have increased significantly” )

Bolding is mine:

  • In terms of EUR/CHF we only see minor pivotal support at 1.2028 in the way to prevent a re-test of the 1.2000 floor
  • It remains a mystery though whether or under which circumstances the SNB would abandon the floor
  • The consequences would most likely be substantial though, ending in landslide losses to at least 1.1359 (50 %) if not to 1.0677 (76.4 %)

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  • As for EUR/JPY we see the odds in favor of a straight extension up to 152.07 (76.4 %), but need a decisive daily close above 142.96 (minor 76.4 %, i.e. above 143.25) to eliminate the risk of missing another corrective leg down to 128.10 (int. 38.2 %).