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EUR/CHF ends week eyeing 1.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/CHF rose for the fifth week in a row and posted the second highest weekly close in a year. The Swiss franc was the most affected currency after the European Central Bank meeting. When Mario Draghi mentioned that monetary policy will be reexamined in March, the euro and the Swissy plummeted in the market and CHF took the worst part.

    The pair moved all week in a range near monthly highs. It continues to face resistance below 1.1000 and remains supported above 1.0900.

    EUR/CHF attempting go hold above 1.0950

    The euro rose on Friday and peaked at 1.0988, hitting the highest level since September but then pulled back modestly. It is about to post the first daily close above 1.0950 in months, signaling a possible continuation of the rally.

    But in order to open the doors fro more gains EUR/CHF needs to break 1.1000 and hold above. The mentioned area, capped the upside during 2015 (after the SNB shock) and from there the pair stated a bearish correction. The euro is pointing toward 1.1000 but is not clear if it will be able to break it.
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