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19 Mar 2015
EUR/CHF dips to lows post-SNB
FXStreet (Edinburgh) - The Swiss franc is gaining ground vs. the euro on Thursday, now sending EUR/CHF to test session lows around 1.0560.
EUR/CHF weaker on SNB decision
The cross has surrendered initial gains towards the 1.0700 level after the SNB left its monetary policy unchanged in today’s meeting: the target range for the three-month Libor between -1.25% and -0.25% and the rate on sight deposits at -0.75%. The central bank reiterated that he franc remains ‘significantly overvalued and should continue to weaken over time’, and that it remains active in the FX markets ‘in order to influence monetary conditions’.
EUR/CHF levels to consider
As of writing the cross is losing 0.51% at 1.0573 with the next support at 1.0545 (low Mar.16) ahead of 1.0518 (low Mar.13) and then 1.0416 (38.2% of 0.9776-1.0811). On the other hand, a breakout of 1.0700 (high Mar.19) would expose 1.0730 (high Mar.10) and finally 1.0760 (high Mar.3).
EUR/CHF weaker on SNB decision
The cross has surrendered initial gains towards the 1.0700 level after the SNB left its monetary policy unchanged in today’s meeting: the target range for the three-month Libor between -1.25% and -0.25% and the rate on sight deposits at -0.75%. The central bank reiterated that he franc remains ‘significantly overvalued and should continue to weaken over time’, and that it remains active in the FX markets ‘in order to influence monetary conditions’.
EUR/CHF levels to consider
As of writing the cross is losing 0.51% at 1.0573 with the next support at 1.0545 (low Mar.16) ahead of 1.0518 (low Mar.13) and then 1.0416 (38.2% of 0.9776-1.0811). On the other hand, a breakout of 1.0700 (high Mar.19) would expose 1.0730 (high Mar.10) and finally 1.0760 (high Mar.3).