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EUR/CHF rises to test 1.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The euro is trading at the strongest level in four months against the Swiss franc and is testing an important psychological level. EUR/CHF broke above 1.0985 and jumped to 1.0999, hitting the highest level since September 14.

    While EUR/USD reached a fresh daily high after Wall Street opening bell, USD/CHF remained steady moving between 1.0125 and 1.0160, pushing EUR/CHF to the upside.

    EUR/CHF testing 1.10

    The pair is trading slightly below 1.1000. The motioned area is exposed and a break higher could give further momentum to the euro. Above the next resistance level might be seen at 1.1010 (Sept 13 high) and 1.1050 (Sept 14 high). If the pair manages to rise above 1.1050 it would be trading at the highest level since the Swiss National Bank removed the 1.20 floor a year ago.

    On the downside, the 1.0980 area has become the immediate short-term support, followed by 1.0955 (daily low) and 1.0920 (Jan 22 low).
    For more information, read our latest forex news.
     

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