FXStreet (Edinburgh) – EUR/CHF is reclaiming the 1.0870/75 band after dropping to session lows in the mid-1.0800s.
EUR/CHF capped by 1.0880
The cross keeps navigating in a tight range today, with gains so far limited by the area of 1.0880 amidst increasing selling interest surrounding the shared currency.
In the meantime, prospects of further easing by the European Central Bank keep prompting investors to remain vigilant on the safe haven CHF as well, as SNB officials have repeatedly hinted at the likeliness of FX intervention by the central bank in order to avoid ‘undesirable’ appreciation of the franc.
EUR/CHF levels to consider
At the moment the cross is retreating 0.04% at 1.0867 with the next support at 1.0749 (100-day sma) followed by 1.0739 (low Oct.26) and finally 1.0703 (low Aug.20). On the other hand, a breakout of 1.0885 (55-day sma) would expose 1.0916 (down trend from 1.1049) and then 1.1049 (high Sep.11).
(Market News Provided by FXstreet)