EUR/CHF rises to its highest level since 1 April
The franc has been weakening over the past few sessions, with strong hints of the SNB stepping into the market as seen with sight deposits data yesterday.
Over to EUR/CHF, we are seeing price race higher over the past hour after the climb since yesterday back above the key hourly moving averages.
Buyers are in near-term control and the upside move yesterday was limited by resistance around 1.0580 but price is now breaking that to post near four-week highs close to 1.0600.
In the long-term, I would view the pair as being a sell on rallies but again the key thing to watch is SNB intervention and related short covering.