EUR/USD crashes below 1.16 after SNB removes currency cap on Franc

Dhwani Mehta FXStreet

FXStreet (Mumbai) - EUR/USD crashes below 1.16 after SNB removes currency cap on Franc.

The single currency crashed to fresh multi-year lows versus the US dollar after the Swiss National Bank (SNB) removed cap on the franc at 1.20 per euro.

Currently, the EUR/USD trades at 1.1648, down -1.12% on the day, quickly pulling away from fresh multi-year lows of 1.1580, breaking below the 1.16 mark.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1805 (5-DMA) levels, above which gains could be extended to 1.1832 (10-DMA) levels. On the flip side, support is seen at 1.16 levels, below which it could extend losses to 1.1580 levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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