EUR/CHF weaker, breaks below 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency is now losing some of its shine, dragging EUR/CHF back below the 1.1000 handle following the European open on Friday.

    EUR/CHF gains capped near 1.1040

    The cross is coming down from post-ECB peaks in the 1.1040 area on Thursday to the 1.0980/70 band today in response to a resurgence of the selling interest around EUR.

    In the meantime, the SNB has so far declined to comment on the recent ECB easing measures. However, the abrupt climb of EUR after Draghi’s press conference has surely alleviated SNB concerns of potential – and unwelcomed – CHF appreciation.

    EUR/CHF significant levels

    As of writing the cross is retreating 0.25% at 1.0981 facing the next support at 1.0960 (55-day sma) followed by 1.0951 (20-day sma) and finally 1.0804 (2016 low Feb.29). On the other hand, a break above 1.1036 (post-ECB high Mar.10) would aim for 1.1056 (61.8% Fibo of 1.1211-1.0804) and then 1.1115 (76.4% Fibo of 1.1211-1.0804).
    For more information, read our latest forex news.

Share This Page

free forex signals