The SNB is doing it again: news hit the wires the vice Chairman of the Central Bank, Dantine said they are ready to intervene in the FX market, and that they are closely looking at the exchange rate of the Swiss Franc not only against the Euro, but also against the dollar. The EUR/CHF advanced over 200 pips in an hour, trading at its highest level since the SNB removed the peg back in January 15th, dragging the EUR/USD to a fresh weekly high above 1.1340.
The EUR/USD 4 hours chart shows that the price’s sharp advance break above the 38.2% retracement of the ECB QE announcement triggered decline, whilst indicators surged up to their midlines, about to cross them higher. 20 SMA in the same time frame maintains a bearish slope while the mentioned Fibonacci level stands at 1.1310.
Sellers halted the advance pretty fast around the daily high, sending the EUR/USD back lower, albeit holding now above the mentioned Fibonacci level and former daily highs in the 1.1290 price zone. If this last level gives up, the pair will likely resume its slide down to 1.1240 price zone, whilst if this last gives up, the 1.1200 figure comes next. To the upside, the key resistance stands at 1.1365, 50% retracement of the same rally, as it would take an advance above it to support a continued rally up to 1.1400.
View Live Chart for EUR/USD
The EUR/USD 4 hours chart shows that the price’s sharp advance break above the 38.2% retracement of the ECB QE announcement triggered decline, whilst indicators surged up to their midlines, about to cross them higher. 20 SMA in the same time frame maintains a bearish slope while the mentioned Fibonacci level stands at 1.1310.
Sellers halted the advance pretty fast around the daily high, sending the EUR/USD back lower, albeit holding now above the mentioned Fibonacci level and former daily highs in the 1.1290 price zone. If this last level gives up, the pair will likely resume its slide down to 1.1240 price zone, whilst if this last gives up, the 1.1200 figure comes next. To the upside, the key resistance stands at 1.1365, 50% retracement of the same rally, as it would take an advance above it to support a continued rally up to 1.1400.
View Live Chart for EUR/USD
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