EURCHF tests support at old 38.2 fib of the SNB induced Jan drop
1.0551 is the old fib level after the SNB pulled the plug in Jan and it's acting as support. It's the second test following last nights fun and games over the FOMC
EUR/CHF daily chart
As Jordan continues to waffle on that the Swiss rate will be influenced by global rates, and CPI is lower than they would like, with their forecasts changed on the strong franc and oil price, there's nothing here to keep the pair up. For all the talk they are at the mercy of what is happening everywhere else, much the same a every other central bank
Obviously the general euro selling is mostly behind the move lower but the support around here looks quite strong. The threat is still there that they intervene but it's going to take a big move up in the franc to get them into the market.
If you want a fairly low risk trade then a long on the support with a stop under 1.0500 might be the play