EUR/CHF hits highest level since SNB removed 1.20 floor a year ago

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/CHF broke above 1.1049 and hit its highest level since the Swiss National Bank removed the 1.200 floor on Jan 15, 2015.

    The franc weakened broadly on Tuesday, posting multi-month lows versus the euro amid chatter of possible SNB intervention. EUR/CHF reached a peak of 1.1058, last seen the day the central bank unexpectedly removed the peg.

    EUR/CHF levels to watch

    At time of writing, the pair is trading at 1.1052, recording a 0.61% daily gain. Next resistances could be found at 1.1158 (20-month SMA), 1.1301 (100-week SMA) and 1.1770 (200-week SMA) en route to 1.2000 (former SNB floor).

    On the flip side, short-term supports are seen at 1.0954 (10-day SMA), 1.0906/02 (Jan 20 low/20-day SMA) and 1.0870 (100-day SMA).
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