FXStreet (Córdoba) – The euro is rising for the third day in a row against the Swiss franc but still remains unable to rally above 1.0850.
EUR/CHF bullish bias, but moving slowly
The pair bottomed during December at 1.0755 and the turned to the upside. Today is finally moving away from the 20-day moving average and is gaining support to extend the upside. Currently it trades at 1.0842/46, about to post the second highest daily close for the month and considerably above the 20-day moving average.
The next level to watch is the 1.0850 area. A consolidation on top could give further momentum to the pair to move toward 1.0900 and the next key medium-term level is the 1.1000 handle.
On the opposite direction, the key support area continues to be 1.0750/70, that limited the decline since August. A break lower could open the doors for a bearish extension.
EUR/CHF consolidating losses
EUR/CHF is consolidating and it could continue to do so during the rest of the year, holding around 1100 pips below the level it had a year ago, when the Swiss National Bank floor at 1.20 was still in place.
(Market News Provided by FXstreet)