EUR/CHF Forecast December 19, 2011, Technical Analysis

EUR/CHF fell on Friday as the gap from November has been closed. The area should provide support now, but the close of the candle was at the extreme low. The 1.22 level is also the bottom of the range, and this could be a buying opportunity if we get supportive action on a shorter time frame. Although owning the Euro doesn’t feel good, the Swiss National Bank is sitting below, and the 1.20 level won’t be broken without attracting the central bank’s attention. The pair should continue to grind sideways overall.