FXStreet (Córdoba) – EUR/CHF fell considerably on Monday and retraced Friday’s gains as the euro continued to weaken ahead of the European Central Bank policy decision due Thursday, when investors expect the bank to extend its QE programme.
EUR/CHF reached a 7-week high of 1.0925 on Friday amid speculations the SNB had intervened in the FX market. However, the pair failed to hold at highs and came under renewed pressure on Monday. Having touched a low of 1.0845, EUR/CHF is currently trading at 1.0855, down 0.36% on the day.
EUR/CHF levels to watch
In terms of technical levels, next supports are seen at 1.0845 (Nov 30 low/10-day SMA) and 1.0809 (Nov 25 low). On the other hand, resistances could be faced at 1.0915 (Nov 30 high) and 1.0925 (Nov 27 high) ahead of 1.0948 (Oct 13 high).
(Market News Provided by FXstreet)