FXStreet (Edinburgh) – The Swiss franc is now picking up pace vs. its European peer on Thursday, dragging EUR/CHF to test daily lows around 1.0335/40.
EUR/CHF extends the correction lower
In the meantime, the cross continues its march South, prolonging its leg lower after hitting May peaks in the 1.0500 vicinity. Increasing concerns regarding the debt negotiations between Greece and its EU counterpart have been fuelling the demand for the save have CHF.
In another direction, the Swiss trade surplus widened to CHF 2.85 billion during April, surpassing both forecasts and previous reading. Further data showed Industrial Production in Switzerland contracted at an annual pace of 5.0% during Q1.
EUR/CHF levels to consider
As of writing the cross is losing 0.08% at 1.0344 and a breach of 1.0324 (low May 26) would open the door to 1.0305 (low May 7) and finally 1.0236 (low Apr.21). On the other hand, the initial up barrier lines up at 1.0400 (daily cloud top) followed by 1.0449 (high May 22) and then 1.0465 (high May 20).
(Market News Provided by FXstreet)