EUR/CHF testing lows near 1.0820

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Swiss franc is posting marginal losses vs. its European peer on Monday, with EUR/CHF navigating the 1.0830/20 band so far.

    EUR/CHF focus on Swiss data, ECB meeting

    The cross keeps trading in the lower band of the recent range, at shouting distance of the critical support at 1.0800 the figure, levels last seen in late August. A renewed softer tone around EUR remains the main driver of the ongoin decline, while markets are getting ready for the ECB meeting on Thursday.

    Back to Switzerland, the trade balance figures for the month of September will be the only scheduled release this week, with consensus expecting the trade surplus to come in around CHF 2.510 billion.

    EUR/CHF levels to consider

    At the moment the cross is up 0.03% at 1.0829 with the initial resistance at 1.0873 (55-day sma) followed by 1.0935 (downtrend from 1.1058) and then 1.1058 (high Sep.11). On the other hand, a breakdown of 1.0776 (low Oct.16) would open the door to 1.0702 (100-day sma) and finally 1.0501 (Fibo 23.6% of 0.8696-1.1058).
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