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28 Jan 2015
EUR/CHF bounces off 1.0220
FXStreet (Edinburgh) - After hitting fresh highs beyond 1.0300 the figure in early trade, EUR/CHF dropped to lows near 1.0220 where it found some buying interest.
EUR/CHF weaker following the euro
The cross remains in the upper bound of the weekly range so far, well above the parity level and somehow propped up by recent comments by SNB’s Danthine, stating that the Swiss central bank is ready to intervene in the FX markets.
In the data front, the Swiss Consumption Indicator gauged by UBS improved to 1.42 for the month of December from 1.29. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “While capped 1.0670 (61.8% retracement) a negative bias will persist for a retest of the overnight low at .9715 charted 15th January”.
EUR/CHF relevant levels
The cross is now retreating 0.14% at 1.0234 and a breakdown of 1.0083 (low Jan.27) would target 1.0000 (psychological level) en route to 0.9819 (low Jan.26). On the upside, the immediate hurdle lines up at 1.0382 (high Jan.27) followed by 1.1000 and 1.1100 (psychological levels).
EUR/CHF weaker following the euro
The cross remains in the upper bound of the weekly range so far, well above the parity level and somehow propped up by recent comments by SNB’s Danthine, stating that the Swiss central bank is ready to intervene in the FX markets.
In the data front, the Swiss Consumption Indicator gauged by UBS improved to 1.42 for the month of December from 1.29. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “While capped 1.0670 (61.8% retracement) a negative bias will persist for a retest of the overnight low at .9715 charted 15th January”.
EUR/CHF relevant levels
The cross is now retreating 0.14% at 1.0234 and a breakdown of 1.0083 (low Jan.27) would target 1.0000 (psychological level) en route to 0.9819 (low Jan.26). On the upside, the immediate hurdle lines up at 1.0382 (high Jan.27) followed by 1.1000 and 1.1100 (psychological levels).