EUR/CHF Breaks Above Channel with SNB Intervention Watch On

From fxtimes.com

The EUR/CHF market is on it’s way to the first re-test of the 1.20 floor. This is the level the Swiss National Bank has pledged to “defend”. The EUR/CHF has been persistently bearish since falling from the 2012 high near 1.2470 and since Jan. 25th has been trading in a declining channel seen in the 1H chart. A bullish divergence developed over the past couple of sessions, and the 2/2 Asian session resolved it with a rally above the channel resistance. The RSI has also climbed back above 60 and is about to tag 70, which would reflect bullish momentum and is an initial sign of bottoming. A look at the 4H chart ... (full story)