The euro erased all gain against the Swiss franc on Thursday and is hovering around 1.1140/50, at the same level it closed yesterday. Earlier EUR/CHF rose to 1.1199 hitting the strongest level in more than a year. After being unable to break above 1.1200, it pulled back and dropped to 1.114 from where it rebounded toward current levels. EUR/CHF: Time for correction? The rally of the pair started a month ago from 1.0840. It accelerated late in January after the European Central Bank meeting when it rose above 1.1000 and then broke September highs (the highest level since the Swiss National Bank removed the 1.20 floor). EUR/CHF still holds bullish tone and price remain significantly above key moving averages. Technical indicators show overbought conditions and a consolidation could be on the cards. But a break above 1.1200 could open the doors for further gains. For more information, read our latest forex news.