FXStreet (Mumbai) – The safe haven demand for the Swiss Franc, pushed the EUR/CHF pair lower to its 50-DMA located at 1.0429 levels.
Failure to rise above 1.05 for fourth consecutive week?
The pair has turned lower from the weekly high of 1.0544 levels as the safe haven demand for the CHF returned after Greek talks faltered. The markets now head into the weekend with a last ditch effort at reaching the deal scheduled on Saturday. Consequently, it appears that the pair is poised to close well below 1.05 levels.
Moreover, the pair has repeatedly run into offers during the last three weeks within the range of 1.0540-1.0570.
EUR/CHF Technical Levels
The pair currently trades at 1.0439. The immediate support is seen at 1.04, under which the losses could be extended to 1.0290. On the other hand, resistance is located at 1.05 and 1.0570 levels.
(Market News Provided by FXstreet)