EUR/CHF climbs to monthly highs near 1.0840

EUR/CHF pushes higher well above the 1.08 mark.
The broad risk appetite trends help the rally in euro.
German positive data underpinned the upbeat momentum.

Pablo Piovano FXStreet

Extra buying interest around the single currency is lifting EUR/CHF to fresh 7-week highs in the proximity of 1.0840 on Monday.

EUR/CHF now targets the YTD highs above 1.0900

EUR/CHF has quickly left behind the 1.08 barrier and moved to fresh monthly peaks in the 1.0835/40 band, always tracking the unabated rally in the shared currency and the generalized improved sentiment in the risk-associated universe.

Indeed, market mood remains buoyant at the beginning of the week following market chatter that extra stimulus by the White House could be in the pipeline in the very near-term as per recent comments from Treasury Secretary S.Mnuchin.

Further support for the euro came earlier on Monday after the German IFO survey showed that Business Climate surprised expectations at 90.5 for the current month. Additional data noted the ECB’s Private Sector Loans expanded 3.0% YoY in June and the M3 Money Supply rose at a yearly 9.2% during the same period.

EUR/CHF significant levels

As of writing the cross is gaining 0.99% at 1.0828 and a surpass of 1.0915 (2020 high Jun.5) would expose 1.1033 (monthly high Dec.13 2019) and then 1.1059 (monthly high Oct.17 2019). On the other hand, the immediate support is located at 1.0726 (200-day SMA) ahead of 1.0709 (50% Fibo of the May-June rally) and finally 1.0675 (55-day SMA).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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