EUR/CHF headed toward highest daily close since October after French elections

EUR/CHF jumped on Monday after the victory of Emmanuel Macron at the French Presidential elections. The rally of the pair was boosted by a decline of the Swiss franc and not by a stronger euro. 

Among majors, the euro and the Swissy, are the worst performers on Monday. The euro opened higher across the board but quickly turned to the downside, in a buy the rumor, sell the fact scenario. The results of the French election were in line with expectations and it was already discounted, so the impact was limited. 

Back above 1.0900

The rally of EUR/CHF is reflecting a weaker Swiss franc. The pair oped higher at monthly highs at 1.0880  and then pulled back, closing a bullish gap. Just during the American session, the pair broke above Asian session highs and climbed above 1.0900. 

The pair peaked at 1.0917, the highest level since October 12. The euro was holding near the highs, consolidating important gains and headed toward the highest close in months. 

If the euro maintains current levels during the week, it would post the first weekly close above the 200-week EMA since early 2014.