EUR/CHF hammered down to two-month low, below 1.0200 mark after hawkish turn from SNB

EUR/CHF came under intense selling pressure in reaction to the SNB’s surprise 50 bps rate hike.
Stronger USD weighed on the shared currency and further exerted some pressure on the cross.
Acceptance below the 1.0200 round figure would be seen as a fresh trigger for bearish traders.

Haresh Menghani FXStreet

The EUR/CHF cross witnessed aggressive selling during the early European session and plunged nearly 250 pips from the daily high in reaction to a surprise hawkish shift by the Swiss National Bank. The cross was last seen trading below the 1.0200 mark, just a few pips above a two-month low touched in the last hour.

The SNB stunned investors with a 50 bps rate hike and left the door open for further rate hikes to counter rising inflationary pressures. This, in turn, provided a strong boost to the Swiss franc and exerted heavy downward pressure on the EUR/CHF cross. The downward trajectory accelerated further after the SNB Chairman Thomas Jordan - in the post-meeting press conference - said that the Swiss franc was no longer highly valued because of the recent depreciation.

On the other hand, the shared currency was pressured by resurgent US dollar demand and nervousness over fragmentation risks. It is worth recalling that the European Central Bank on Wednesday deliver any new measures to support highly indebted nations in the bloc. The ECB issued an underwhelming statement that it would apply flexibility to reinvestments of the PEPP. This further weighed on the euro and contributed to the heavily offered tone surrounding the EUR/CHF cross.

With the latest leg down, spot prices now seem to have confirmed a near-term bearish breakdown through the 1.0230 horizontal support. Acceptance below the 1.0200 round figure will reaffirm the negative bias and pave the way for a further depreciating move. The EUR/CHF cross could then accelerate the slide towards challenging the 1.0100 psychological mark.

Technical levels to watch

EUR/CHF

Overview
Today last price	1.0196
Today Daily Change	-0.0188
Today Daily Change %	-1.81
Today daily open	1.0384

Trends
Daily SMA20	1.0343
Daily SMA50	1.0317
Daily SMA100	1.0325
Daily SMA200	1.0445

Levels
Previous Daily High	1.0479
Previous Daily Low	1.038
Previous Weekly High	1.0514
Previous Weekly Low	1.0308
Previous Monthly High	1.0516
Previous Monthly Low	1.0228
Daily Fibonacci 38.2%	1.0418
Daily Fibonacci 61.8%	1.0441
Daily Pivot Point S1	1.035
Daily Pivot Point S2	1.0316
Daily Pivot Point S3	1.0251
Daily Pivot Point R1	1.0448
Daily Pivot Point R2	1.0513
Daily Pivot Point R3	1.0547

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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