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Forex pairs in this Article » EUR/CHF (Barcelona) - Last at 1.2515, highest since May 2011, the EURCHF cross has had an impressive +3.5% run higher since last ECB meeting, just 6 days ago, climbing at a speed not seen since the 1.20 floor was announced. Daily RSI 14 readings show overbought levels as high as they were back mid Sept last year, above 85, though this time gains have doubled those seen then.

With some analysts calling for an extension to the 1.30-1.35 area, others are even more optimistic, and calling for 1.60 levels, something has not happened since year 2008. Mostly on the back of Swiss Franc weakness, second weakest major currency behind Yen, and Euro strength, the strongest one among majors, and both at the same time, something not usual, since positive correlation between this two is mostly high, the cross is up +2.46% for the week so far.

Immediate resistance to the upside for EURCHF shows at recent session highs 1.2520, followed by May 05 2011 highs at 1.2646, and Feb 24 2011 lows at 1.2700. To the downside, nearest term support lies at Tuesday's highs 1.2417, followed by Wednesday's lows at 1.2335, and Tuesday's lows at 1.2305.
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