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EUR/CHF off highs, back near 1.09

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/CHF has returned to the 1.09 area after climbing as high as 1.0940 on Monday following the better tone around EUR.

    EUR/CHF weaker ahead of euro zone inflation

    In spite of today’s pullback, the cross remains in the upper end of the recent range although cautiousness amongst traders is expected to pick up in light of the critical ECB meeting due tomorrow.

    Preliminary inflation figures in the euro area are due next, with consensus looking for headline consumer prices in the region to have advanced at an annual pace of 0.2%; Core prices are seen at 1.0% YoY.

    EUR/CHF levels to consider

    At the moment the cross is down 0.20% at 1.0897 with the next support at 1.0871 (55-day sma) followed by 1.0703 (low Aug.20) and finally 1.0501 (23.6% Fibo of 0.8695-1.1049). On the other hand, a breakout of 1.0939 (high Dec.1) would aim for 1.0986 (high Oct.2) and then 1.1049 (high Sep.11).
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