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EUR/CHF testing highs near 1.0840

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Swiss franc continues to deteriorate vs. its European peer on Monday, sending EUR/CHF to test daily tops near 1.0840.

    EUR/CHF higher on CHF-selling

    The cross is deriving further support from the rally in USD/CHF, managing to revert at the same time last Friday’s test of multi-week lows in the mid-1.0700s following the ECB meeting.

    Further news has seen SNB’s VP F.Zurbruegg stressing that the central bank will assess the likely move by the ECB at its meeting in December, while he has reiterated that the franc remains ‘overvalued’ at current levels.

    EUR/CHF levels to consider

    At the moment the cross is up 0.47% at 1.0831 and a surpass of 1.0876 (55-day ma) would aim for 1.0908 (downtrend from 1.1049) and then 1.1049 (high Sep.11). On the other hand, the immediate support aligns at 1.0749 (low Oct.23) ahead of 1.0721 (100-day ma) and finally 1.0501 (Fibo 23.6% of 0.8696-1.1058).
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