EUR/CHF a tad weaker, near 1.0830

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency has left behind session tops vs. the Swiss franc and is now taking EUR/CHF back to the 1.0830 region.

    EUR/CHF unmoved post-data

    The franc gathered some pace after Switzerland’s trade surplus has widened to CHF 3.04 billion during September vs. CHF 2.51 billion forecasted and CHF 2.86 billion from the previous month, pulling back the cross from daily peaks near 1.0840.

    However, the cross remains poised to extend its narrow range, as cautiousness among traders keeps growing bigger in light of the upcoming ECB meeting (Thursday) and the probable dovish tone from Draghi’s press conference.

    EUR/CHF levels to consider

    At the moment the cross is down 0.05% at 1.0826 and a breakdown of 1.0776 (low Oct.16) would open the door to 1.0744 (100-day sma) and finally 1.0501 (Fibo 23.6% of 0.8696-1.1058). On the upside, the immediate hurdle aligns at 1.0887 (55-day sma) followed by 1.0926 (downtrend from 1.1049) and then 1.1049 (high Sep.11).
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