The pair continues to consolidate after its sharp from its record low (0,7070) as market participants are now waiting for the next move from the SNB.
We expect a continuation of the move to the upside as this market has been in an oversold state for quite some time. A break above 0,80 should allow an extension towards 0,82 and even 0,84 (daily 100 moving average).
Only a daily close below 0,7770 (20 moving average) would negate this bullish scenario with a possible resumption of the downtrend.
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