EUR/CHF off highs, back to 1.0830

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The upside momentum around the common currency remains on the rise today, lifting EUR/CHF to daily highs near 1.0840 albeit deflating a tad afterwards.

    EUR/CHF still sidelined

    The cross has found decent support in the 1.0800 area today, reverting yesterday’s pullback albeit still navigating in a narrow range below the 55-day sma around 1.0860.

    Absent significant releases in the euro area this week, the steady stance of the SNB at its meeting on Thursday has not surprised markets although it has lent some temporary support to CHF.

    EUR/CHF levels to consider

    At the moment the cross is up 0.14% at 1.0829 with the next resistance at 1.0948 (high Dec.3) followed by 1.0986 (high Oct.2) and then 1.1049 (high Sep.11). On the other hand, a breakdown of 1.0726 (low Nov.6) would expose 1.0703 (low Aug.20) and finally 1.0501 (23.6% Fibo of 0.8695-1.1049).
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