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EUR/CHF consolidates above 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/CHF bounced and regained the 1.1000 level after hitting fresh 3-week lows in the vicinity of 1.0950.

    The euro managed to trim weekly losses on Thursday, staging a rally of nearly a hundred pips against the franc before finding resistance at the 1.1040 zone. At time of writing, EUR/CHF is trading at 1.1021, 0.29% above its opening price.

    Earlier on Thursday, Swiss National Bank (SNB) Chairman Thomas Jordan reiterated that Swiss franc still remains ‘overvalued’, and added that he doesn’t rule out cutting interest rates further.

    EUR/CHF levels to watch

    On the upside, next resistances could be faced at 1.1066 (10-day SMA) and 1.1100 (psychological level). On the downside, supports are seen at 1.0949 (Feb 11 low) 1.0906 (Jan 20 low) and 1.0884 (100-day SMA).
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