I know as soon as I say that, it’s bound to come back and bite me, but there are some good reasons for thinking that USD/CHF may be close to a good entry level for bulls;

  • EUR/USD: Solid technical resistance looming around 1.3250
  • USD/JPY: Semi-official bids at 76.50
  • EUR/CHF: Again talk of bids at 1.2050 from BIS and/or SNB and of course 1.2000 SNB ‘line-in-the-sand’

Putting all 3 together would seem to suggest that going long USD/CHF somewhere near here makes sense (until some of the above levels get broken)