Here are some technical analysis charts from Barclays in EUR/CHF (dated 06 November 2014), and summarised commentary:
- we do think EURCHF weakness is something that that market is overlooking and that requires more attention
- Not advocate shorting EURCHF ahead of important support in the 1.2000 area
- We are equally lacking reason to be bullish at current levels
- Price action over the past two years has become increasingly bearish, and recent activity points to heightened downside risk.
- A move below 1.2025 would leave little in the way of technical support ahead of the 1.2000 SNB floor. A break below the latter would likely catalyse a shakeout of longs and give us reason to become more bearish towards targets near 1 .1825 and then the 1.1630 area.
- Further downside in price is likely to trigger additional reduction in long positions and increased risk of a wholesale shakeout: