Above 1.0711 we can see a near term base for a recovery bak to 1.0726. Beyond 1.0771 is needed to mark further downside.
EURCHF below 1.0711 can keep the immediate risk lower for the June 2016 spike and of the April-15/February-16 rally at 1.0623/04.
Below here is needed to mark a more important top for 1.0445/40.
The SNB may also believe it is inevitable that some gradual but temporary appreciation manifests in the lead up to one of the most important elections for Europe over the last decade. The EURCHF may be seen as a self correcting phenomenon with the Pen winning.
It may be very possible for this to reach parity, even with SNB FX intervention this continues to fall gradually.
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