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23 Jan 2015
EUR/CHF approaches 0.9900
FXStreet (Edinburgh) - The Swiss franc is now shedding further ground vs. the euro, helping EUR/CHF to test the 0.9900 neighbourhood.
EUR/CHF keeps the range
The cross keeps searching for some normalization in the price action following last week’s decision by the SNB to abandon the 1.20 peg, taking the weekly range between the low-1.0200s and the 0.9770 region. Despite the strong downside pressure striking the single currency post-ECB, the cross is keeping the composure and is now back around 0.9900 after falling to the 0.9770 area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “While capped 1.0670 (61.8% retracement) a negative bias will persist for a retest of the overnight low at .9715 charted 15th January. Below here support lies .9307/40”.
EUR/CHF significant levels
As of writing the cross is losing 0.21% at 0.9898 with the next support at 0.9751 (low Jan.16) followed by 0.9700 and 0.9600 (psychological levels). On the upside, a surpass of 1.0000 (psychological mark) would open the door to 1.0030 (high Jan.22) and finally 1.0136 (high Jan.21).
EUR/CHF keeps the range
The cross keeps searching for some normalization in the price action following last week’s decision by the SNB to abandon the 1.20 peg, taking the weekly range between the low-1.0200s and the 0.9770 region. Despite the strong downside pressure striking the single currency post-ECB, the cross is keeping the composure and is now back around 0.9900 after falling to the 0.9770 area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “While capped 1.0670 (61.8% retracement) a negative bias will persist for a retest of the overnight low at .9715 charted 15th January. Below here support lies .9307/40”.
EUR/CHF significant levels
As of writing the cross is losing 0.21% at 0.9898 with the next support at 0.9751 (low Jan.16) followed by 0.9700 and 0.9600 (psychological levels). On the upside, a surpass of 1.0000 (psychological mark) would open the door to 1.0030 (high Jan.22) and finally 1.0136 (high Jan.21).