After a new fresh high at 0,8250 in the beginning of the week, the pair is showing signs of weakness by breaking back below the key 0,80 level.
Considering the long term bearish trend which is definitly not in question, we might see additional losses going forward. Next level to watch will be the daily 20 moving average near 0,78. A break below this level would expose further decline and a possible bearish resumption.
In a context of uncertainty, market participants are still betting on safe haven instruments including of course the Swiss Franc despite the recent announcement from the SNB (possible peg of their currency on the Euro).
We will see how things develop over the coming days but we will proceed with cautious on this pair.