The EUR/CHF is approaching the lower end of its trading range, as the election news in Italy has brought declines the last few hours. There should be a good deal of buy orders clustered at 1.2250 in the EUR/CHF, making the pair suitable for short term CALL options, using hourly time frames (or even shorter). This trade is technical in nature, so the price level is suitable for CALLS until the support level is convincingly broken to the downside.
EUR/CHF was totaly dictated by EUR itself now and is difficult to be traded technically as its volume is much smaller than the EUR/USD volume. I think that if the Euro continue to fall against the dollar it will also fall against the CHF and will approach again the 1.20 barrier level, which will be very good as than the potential for upside scalps will be again great.