FXStreet (Córdoba) – The euro is among the worst performers in the currency market on Tuesday, weakened amid speculation that the European Central Bank could increase stimulus at the December meeting, including the possibility of a decline in the deposit rate.
EUR/CHF bottomed today at 1.0760 and currently is trading at 1.0775, down 0.15% for the day. During the Asian session the pair attempted to recover but it found resistance at 1.0800.
So far today the pair has traded below 1.0800; it could be the first time to do so in three months signaling a bearish continuation. EUR/CHF has been moving with a downside bias since mid-September, when it reached momentarily levels above 1.1000.
EUR/CHF between MAs
The bearish bias is likely to persist as long as the price holds below a downtrend line coming from September highs and the daily 20-SMA that currently stands around 1.0850/60. A break higher would remove strength to the Swiss franc.
On the opposite direction the pair last week bottomed at 1.0733, the lowest level in two months. Currently the 100-day MA that stands around 1.0750/55 is offering support.
(Market News Provided by FXstreet)