Published at 01:50 (GMT) 22 Nov

USD/CHF, EUR/CHF Flows: CNN: Cease-fire declared in Gaza conflict (FDVC5401)

CNN : After 8 days of violence along Israel's border with Gaza and nearly 150 deaths -- the vast majority of them Palestinian -- a cease-fire was declared Wednesday. The cease-fire, announced in a joint news conference in Cairo with US Sec of State Hillary Clinton and Egyptian Foreign Minister Mohamed Kamel Amr, took effect at 9pm (2 p.m. ET). The agreement calls for the discussion of a number of issues, including freedom of movement in and out of Gaza and a commitment by Israel not to target Palestinian militants within Gaza. It was the Nov 14 assassination by Israeli forces of Ahmed al-Ja'abari, the head of Hamas' military wing, that ignited the fighting.

On FX, the Gaza ceasefire, helped sentiment, given concerns that further fighting could drive up oil prices and trigger risk aversion. Thinner markets today with US away for Thanksgiving. USD/CHF at 0.9370-75, near the 3-week lows around 0.9360-65, lowest level since Nov 2 0.9309. Support at 0.9350-60, offers 0.9400. EUR/CHF at 1.2043-46, under pressure, but supported by SNB demand - focus on any further risk aversion on eurozone concerns. Resistance at 1.2080-00. Good to watch the observation of the ceasefire. EUR/USD at 1.2853-55, offers at 1.2880-00, after it hit 2-week highs around 1.2867 on EUR/JPY demand. Interest still to sell EUR/CHF on rallies, while USD/CHF, EUR/CHF supported on dips by SNB, Swiss names, WL