Currently, the EUR/CHF spiked to record fresh daily highs at 0.9962 levels, 1.33% on the day. The pair climbed higher immediately after the data from Swiss Central Bank revealed that the amount of cash commercial banks hold with the Swiss National Bank rose the most since at least March 2013 last week, indicating the central bank may have intervened to keep the franc down despite scrapping a cap against the euro. The SNB can expand sight deposits through foreign exchange swap and repurchases of its own debt.
Switzerland's central bank shocked financial markets 11 days ago by abandoning a three-year-old cap on the franc, sending the currency soaring almost 30% against the euro.
EUR/CHF Technical Levels
To the upside, the next resistance is located at 1.0042 levels and above which it could extend gains to 1.0100 levels. To the downside, immediate support might be located at 0.9788 levels and below that at 0.9740 levels.
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