EUR/CHF Shows Franc Protection Being UnwoundEURO VS SWISS FRANCERRANTE:EURCHFErranteEUR/CHF is the cross that shows the safe-haven rotation inside Europe. Price trades near 0.9231 after breaking above 0.9226 and testing the 127.2% extension at 0.9239. The next resistance levels are 0.9245, 0.9255 and 0.9272. Support is 0.9209, 0.9198 and the key 0.9180 zone near the 200-WMA and previous breakout shelf. This move should not be read as clean euro strength. The attached calendar shows German PPI at 1.7% year on year versus a 2.5% forecast, and UK retail data also missed heavily. Those are not signals of a powerful European growth impulse. The better interpretation is CHF weakness. As Middle East tail risk recedes and the SNB remains pinned near zero, investors are reducing franc insurance. EUR/CHF is rising because the premium attached to holding CHF protection is being marked down. The technical structure supports that view. EUR/CHF has moved out of the 0.9180–0.9226 range and is pressing the upper Bollinger band. PPO momentum has turned positive, but volatility is not yet explosive. This is a repricing of defensive positioning, not panic unwinds.