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EUR/CHF advances to 1.0840

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The single currency keeps appreciating vs. its Swiss peer on Wednesday, pushing EUR/CHF to test highs around 1.0840.

    EUR/CHF within range ahead of SNB

    The cross seems now to be stabilizing around the mid-1.0800s after being rejected from the 1.0950 area in the wake of the ECB gathering last week, with EUR-dynamics acting as the main driver of the price action.

    Data wise in the Alpine economy, the unemployment rate stayed unchanged at a seasonally adjusted 3.4% MoM in November, all ahead of tomorrow’s key SNB meeting, where consensus expects the central bank to reiterate its steady stance.

    EUR/CHF levels to consider

    At the moment the cross is up 0.28% at 1.0837 facing the next resistance at 1.0948 (high Dec.3) followed by 1.0986 (high Oct.2) and then 1.1049 (high Sep.11). On the other hand, a breach of 1.0726 (low Nov.6) would expose 1.0703 (low Aug.20) and finally 1.0501 (23.6% Fibo of 0.8695-1.1049).
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