EUR/CHF drifting into 0.9480 ahead of ECB rate call


  • The EUR/CHF is grinding higher heading into Thursday, in play around 0.9475.
  • Swiss business sentiment worsened, helping to keep the Euro in play above 0.9450.
  • Up Next: ECB rate call, Monetary Policy Statement.

The EUR/CHF is floating into the top side heading into Thursday trading, and the pair caught a brief lift into 0.9490 before falling back into Wednesday's range, and the pair now gears up for another showing from the European Central Bank (ECB).

Swiss business confidence is declining according to the ZEW Expectations Survey for October, which worsened from -27.6 to -37.8.

Economic conditions continue to deteriorate across the European continent, and Euro (EUR) traders are gearing up for another showing from the ECB on Thursday, which will be dropping their latest rate call and Monetary Policy Statement during the European market session.

The ECB is broadly expected to keep rates steady where they are for the time being, but as ECB President Christine Lagarde noted recently during a television interview in Greece, the fight against inflation isn't over yet, but President Lagarde and the other policymakers at the ECB remains confident they will see inflation return to 2%i at some point in the future.

EUR/CHF Technical Outlook

Despite Wednesday's mild rebound, the Euro remains firmly planted in bear country against the Swiss Franc, with the pair caught near yearly lows currently marked in at 0.9420. A resistance zone from 0.9520 to 0.9600 will complicate matters for any bulls that try to jumpstart a trend reversal, and a break below last November's lows near 0.9409 will see the EUR/CHF making new all-time lows.

EUR/CHF Daily Chart

EUR/CHF Technical Levels

EUR/CHF

Overview
Today last price 0.9474
Today Daily Change 0.0014
Today Daily Change % 0.15
Today daily open 0.946
 
Trends
Daily SMA20 0.9566
Daily SMA50 0.9573
Daily SMA100 0.9629
Daily SMA200 0.9746
 
Levels
Previous Daily High 0.9516
Previous Daily Low 0.9457
Previous Weekly High 0.9534
Previous Weekly Low 0.9418
Previous Monthly High 0.9694
Previous Monthly Low 0.9521
Daily Fibonacci 38.2% 0.948
Daily Fibonacci 61.8% 0.9493
Daily Pivot Point S1 0.944
Daily Pivot Point S2 0.9419
Daily Pivot Point S3 0.9381
Daily Pivot Point R1 0.9498
Daily Pivot Point R2 0.9536
Daily Pivot Point R3 0.9556

 

 

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