Price has been trading in a bullish channel trend since September of this year. With global markets back in red, EUR fell sharply against the Swiss Frank at the opening of this week. Going forward, I would look closely to the price action of EURUSD & EURJPY for correlation. In addition, I would also look closely at the performance of global stock markets. The reason being that gains in risker assets like stocks, will be fundamentally bearish for a safe-heaven currency like the Swiss Franc.
Trade Step-ups:
Bullish Reversal: Price rejects a breakout from current support level, look for a move to the topside of the channel. Profit levels to look for are 1.1450, 1.1490 & 1.1530.
Bearish Breakout: Price breaks current support level, look for consolidation below 1.1380. Look for a potential move to test the final support level at around 1.1350.