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EUR/CHF trims gains, near 1.0860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Swiss franc has recovered some ground vs. its European peer on Monday, with EUR/CHF currently gyrating around 1.0860.

    EUR/CHF remains bid post-data

    The cross left the area of session highs in the upper 1.0800s at the beginning of the week, following the increasing buying interest around the single currency amidst renewed risk-off sentiment. Furthermore, the dollar remains on the softer side as the European session is under way, sustaining the current upside momentum in the euro.

    In the data space, German and EMU manufacturing PMI have surpassed prior estimates during December, while the Swiss SVME PMI also came in higher at 52.1 vs. November’s 49.7.

    EUR/CHF levels to consider

    As of writing the cross is up 0.01% at 1.0861 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 1.0670 (200-day sma) and then 1.0501 (23.6% Fibo of 0.8696-1.1058).
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