FXstreet.com (Barcelona) - The major drop the EUR/CHF had during the European morning had hit a low of 1.2279 but, with time, the price has been settling around the 1.2300 psychological level. At the moment of writing, the cross is quoting at 1.2302.

Friday was a hugely volatile FX market day for the EUR/CHF with a rumoured SNB announcement to take place during the European afternoon. Long positions were taken as it was expected a floor lift from 1.20 to 1.25. As the rumours turned out to be unfounded, the pair plunged to the actual price line, 1.2300. Corrective movements during the following periods have only postponed a turn back to the 1.2300 level.

Mataf.net analysts expect resistances at 1.2390, followed by 1.2360 and 1.2305. On the downside, supports might be at 1.2190, 1.2250 and 1.2285.