FXStreet (Córdoba) – The euro continued to rise against the Swiss franc and hit a new 1-year high. EUR/CHF rose above 1.1100 fro the first time since the Swiss National Bank (SNB) removed the 1.20 floor.
The pair peaked at 1.1105 and currently is hovering around 1.1100, consolidating a daily gain of 50 pips.
EUR/CHF stronger above 1.105
The pair broke decisively above 1.1050, where the previous pos SNB highs were located. The euro managed to consolidate above and extended gains. Many analysts point out that as long as it remains on top of the mentioned level it could rally toward 1.1500, area seen as a the next potential medium-term target.
Euro driving the rally
During the previous days, the Swiss franc showed some signs of weakens and triggered speculation about the SNB was intervening, preparing for the next European Central Bank meeting to be held in March and were more stimulus measures could be announced. Today the Swissy is not looking weak and is even higher against the US dollar but the rally in EUR/USD has been sharper. A stronger euro is during the EUR/CHF higher on Thursday.
(Market News Provided by FXstreet)