EUR/CHF drops sharply and eyes October lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The euro accelerated today the decline against the Swiss franc and fell to the lowest levels since October 26. EUR/CHF broke below 1.0800 and is about to end the day pointing toward last month lows that lie at 1.0757.

    EUR/CHF keeps bearish bias but downside limited

    Expectations about more stimulus from the European Central Bank in December continue to pressure the euro across the board. The pair is about to post the second daily close below 1.0800 since September.

    The downside bias in the pair prevails since mid-September but the decline continues to be limited. During September the downside was capped above 1.0800 and last month it bottomed at 1.0750 and then rebounded.

    Today the pair appears to be ready to test 1.0750; if it breaks lower the next relevant support might lie at 1.0710 (August 19, 20 low). The euro could gain momentum if it rises above 1.0800, above resistance levels might lie at 1.0825 (Oct 18, 22 low) and 1.0875 (Sep 30, Oct 1 lows).
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