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EUR/CHF Can It Clear 1.2250?
Ever since bottoming out below 1.2150 EUR/CHF has slowly climbed back the crisis in Crimea faded off the front pages. The ease in risk aversion has certainly helped the pair, but it may now face a new hurdle as traders begin to price in the prospect of ECB easing. The latest rumors to swirl around were that the ECB has modeled a possible 1 Trillion euros worth of QE, although no official has confirmed this story and so far the central bank remains stationary as to its policy intentions. Next week the calendar is relatively quiet, but if the market continues to focus on possible ECB easing then the EUR/CHF pair is clearly stalling at the 1.2250 may turn and begin to test the recent lows set earlier this month.
The 1.2250 level remains critical to any near term breakouts for the pair as it appears to have made a double top at those levels. The break above however could open a run towards the 1.2350 target while a failure cold lead to a retest at 1.2150