EUR/CHF continues to slide further
Never catch a falling knife. Don't stand in front of a moving train. All very apt adages to describe the euro over the last one month. While this is a pair I'm very keen to trade on based on a fundamental view, now is not the right time.
A break below the 200-day MA (blue line) @ 1.1651 will trigger a fresh bearish bias back in the pair and opens up the potential for sellers to drive the pair to the next support level at the 76.4 retracement level @ 1.1579 and the 1.1500 figure level.
While the SNB may not be too happy with the move, even they will know that when a market is this adamant on pushing a currency lower it's not wise to fight it.
The pair may yet come back to 1.20 in the long-run, but for now, sellers are firmly in control and there's no reason to suggest that is changing any time soon.
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