We don’t usually incorporate fundamentals into our trade ideas but it is hard to ignore the very well publicized SNB 1.2000 floor on the cross and ability for the market to remain so well supported ahead of the barrier. Still, the market is technically in the process of carving a major bottom on the longer-term chart, and we continue to project additional upside from here. Favorable yield differentials also don’t hurt and we look for a break back above 1.2100 to confirm and accelerate gains towards 1.2500 further up. Below 1.2000 negates.
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