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EUR/CHF treading water around 1.1050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After hitting fresh 1-year highs in the 1.1070 area on Tuesday, EUR/CHF has now receded some ground and trades almost unchanged in the 1.1050/45 band so far.

    EUR/CHF higher on risk-on trade

    A fresh wave of risk appetite during Tuesday’s session has given new wings to the cross, which has managed to clinch new 1-year peaks in the 1.1070 region and finally leave behind September’s highs near 1.1060.

    Crude oil prices acted as the trigger for the renewed risk-on sentiment as of late, exacerbating the outflows from safe haven currencies like JPY and CHF and thus boosting the cross to higher ground.

    Absent data releases in Euroland and Switzerland, the focus of attention will shift to the Fed gathering scheduled for later during the European evening.

    EUR/CHF levels to consider

    The cross is now losing 0.01% at 1.1043 facing the next support at 1.0923 (20-day sma) followed by 1.0902 (low Jan.20) and then 1.0866 (55-day sma). On the other hand, there are no significant levels of resistance between yesterday’s high at 1.1070 (high Jan.26) and 1.2019 (high pre-SNB move January 2015).

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