Good resistance at 1.0900 being tested again
I highlighted the offers/res again in the order board post earlier and we've now had a little chew through some of it before retreating.
Some calls out there to be short at these levels but I still say the downside is limited with on-going interest/support from the SNB
It's notable that EURCHF has not succumbed to pressure on the euro as I have pointed out previously and there's a couple of lines in the sand now around 1.0830 and 1.0780 with more support between 1.0735-50.
If 1.0900-05 breaks convincingly then we can't rule out another look at 1.1000 with only resistance into 1.0960 really standing in its way. Post cap-removal highs so far of 1.1052 provides the top-side carrot.
The SNB has been very vocal of late in a bid to appease Swiss exporters and they will be under continuing pressure to weaken the franc.
