The pair briefly clips its highest level since December 2019
EUR/CHF buyers are taking a run at key levels to start the week, creeping above 1.0900 for the first time since June last year and testing the highs at the time @ 1.0915 currently.
The pair has largely consolidated between 1.0700 to 1.0880 since Q3 last year but looks to be aiming towards a potential breakout - at least from a technical perspective.
Amid the focus on the reflation narrative i.e. vaccine optimism and better global growth outlook, the yen and franc are expected to be underperformers.
In any case, the SNB will certainly be pleased if the market starts to look at the franc as a funding currency again, all things considered.
A firm break above the June 2020 high paves the way for a potential push towards the swing region around 1.1000-60 next. The 38.2 retracement level of the swing move lower from 2018 to 2020 sits @ 1.1078 and is also another upside level to watch.
