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8 May 2015
EUR/CHF breaks above 1.0400
FXStreet (Córdoba) - The euro is rising against the Swiss franc on Friday, erasing weekly losses. EUR/CHF was able to break above the key short term resistance located around 1.0400 that capped the upside since Tuesday and rose further.
The pair recently reached 1.0431, hitting the strongest level since Monday, and is trading marginally below the level closed last Friday, after making a recovery from 1.0305 (May 7 low). Today the euro versus the Swiss franc is having the best performance since April 28.
SNB ready to act (if necessary)
Since April the pair has been trading below 1.0500 but above the parity level. In January it plummeted when the Swiss National Bank (SNB) abandoned the 1.20 cap. Today, Thomas Jordan, SNB Chairman said that the Swissy was overvalued and warned that if necessary they will intervene in the foreign exchange market in order to influence in monetary conditions.
The pair recently reached 1.0431, hitting the strongest level since Monday, and is trading marginally below the level closed last Friday, after making a recovery from 1.0305 (May 7 low). Today the euro versus the Swiss franc is having the best performance since April 28.
SNB ready to act (if necessary)
Since April the pair has been trading below 1.0500 but above the parity level. In January it plummeted when the Swiss National Bank (SNB) abandoned the 1.20 cap. Today, Thomas Jordan, SNB Chairman said that the Swissy was overvalued and warned that if necessary they will intervene in the foreign exchange market in order to influence in monetary conditions.