30 Jan 2015
EUR/CHF hit session highs above 1.05
FXStreet (Mumbai) - The EUR/CHF pair extended gains to trade above 1.05 levels for the first time since the Swiss National Bank ended its EUR/CHF currency floor.
Swiss Franc continues to weaken on intervention speculation
The Swiss Franc has weakened for the fifth consecutive session as markets continue to speculate about a possible intervention from the Swiss National Bank. Furthermore, rumors are also doing the rounds that the bank is considering 1.1000 in EUR/CHF as a manageable level.
Moreover, the speculations were triggered by SNB’s Danthine, who earlier this week, said that the bank is ready to intervene in the FX markets, while stating that the current level of the EUR/CHF is not justified.
EUR/CHF Technical Levels
The pair currently trades at 1.0486, after having hit a high of 1.0516 levels. The immediate resistance is seen at 1.0516, above which a major resistance is seen directly at 1.1476 (50-DMA). On the flip side, a break below 1.0375 could see the pair re-test 1.0252 levels.
Swiss Franc continues to weaken on intervention speculation
The Swiss Franc has weakened for the fifth consecutive session as markets continue to speculate about a possible intervention from the Swiss National Bank. Furthermore, rumors are also doing the rounds that the bank is considering 1.1000 in EUR/CHF as a manageable level.
Moreover, the speculations were triggered by SNB’s Danthine, who earlier this week, said that the bank is ready to intervene in the FX markets, while stating that the current level of the EUR/CHF is not justified.
EUR/CHF Technical Levels
The pair currently trades at 1.0486, after having hit a high of 1.0516 levels. The immediate resistance is seen at 1.0516, above which a major resistance is seen directly at 1.1476 (50-DMA). On the flip side, a break below 1.0375 could see the pair re-test 1.0252 levels.