EUR/CHF weaker, extends below 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The bid tone around the Swiss franc has prompted EUR/CHF to break below the key support at 1.0900 on Wednesday.

    EUR/CHF in weekly lows near 1.0880

    The cross is now retreating for the second consecutive session and testing weekly lows at the same time in response to the selling mood around EUR ahead of the European open.

    In the meantime, the cross keeps correcting lower from recent peaks in the 1.0940 region, with CHF somewhat bolstered by September’s in-line inflation figures in Switzerland (0.1% MoM).

    EUR/CHF levels to consider

    At the moment the cross is losing 0.15% at 1.0882 with the immediate support at 1.0873 (55-d sma) followed by 1.0800 (monthly low Sep.4) and then 1.0733 (low Aug.28). On the upside, a break above 1.0945 (high Oct.5) would aim for 1.1049 (high post-SNB move Sep.11) and finally 1.1100 (psychological mark).
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