The pair continues to consolidate in a tight range since its sharp from its record low (0,7070) two weeks ago.
We think that there is a good potential to the upside as the downside move has been probably over-extended but we need to see a break above key 0,80 resistance corresponding to the top of the current range.
On the downside, we will watch the 0,78 level which should support any setback. A clear break below this level though would resume the downtrend. We are bullish on the pair over the middle term as we think the actions from the SNB will start to show results soon.