EUR/CHF has been consolidating for most part of June after sliding in May. Then, as we can see on the 1H chart below, price broke above a consolidation range as well as a falling trendline.EUR/CHF 4H Chart(click to enlarge)SNB Reaction:- After the bullish breakout, price was heading back above 1.09 ahead of the Swiss National Bank's monetary policy statementduring the 6/15 session.- We can see that just ahead of the SNB statement as well as immediately after the statement, price retreated. Testing Price Bottom:- The pullback is essentially a test of the price bottom that EUR/CHF broke above earlier this week. - If price can hold above 1.0860, we should be looking for the market to extend the bullish breakout, which revives the 1.0980 high to the 1.10 handle, which is a common resistance pivot.. - A break below 1.0860 on the other hand puts pressure back on the range support around 1.0840. It would also suggest a bearish continuation towards the 1.0760-1.0780 lows from late April/early May.The thing is the Swiss National Bank is very transparent about its use of monetary policy to curb the Swiss Franc's appeal. Therefore, the downside in EUR/CHF might be limited. On the weekly chart, we should see a limit to the downside being around 1.0615. I would start look at the 1.08 area as key support. there is upside towards 1.1195 with the 1.10 area as an intermediate resistance.