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EUR/CHF softer around 1.0850

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Swiss franc remains on the right footing vs. its European peer on Tuesday, with EUR/CHF posting marginal losses in the mid-1.0800s.

    EUR/CHF attention to EMU’s CPI

    The cross is retreating for the second consecutive session following a softer tone around the single currency after reverting a promising start of the year. Positive results from December’s manufacturing PMI in the euro area plus data below expectations in the US economy failed to ignite a more lasting buying interest in EUR, keeping the cross in the red territory.

    Next of relevance on the data front will be the flash CPI in the euro area for the month of December, where consensus expects consumer prices to have picked up somewhat during last month.

    EUR/CHF levels to consider

    As of writing the cross is losing 0.03% at 1.0854 facing the next resistance at 1.0904 (downtrend from 1.1058) ahead of 1.0948 (high Dec.3) and finally 1.1000 (psychological handle). On the flip side, a breakdown of 1.0729 (low Dec.24) would aim for 1.0672 (200-day sma) and then 1.0501 (23.6% Fibo of 0.8696-1.1058).
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