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 by 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 1.2050 to confirm and likely accelerate gains further up. Ultimately, only a daily close below 1.1900 negates.