EUR/CHF hits ten-week highs above 0.9550 as Franc continues to soften
- EUR/CHF up over 3% from December’s lows.
- ECB President Lagarde looks ahead to growth rebound.
- Swiss Franc is broadly weaker across the majors market.
EUR/CHF knocked into fresh multi-month highs on Monday as the pair steps into a ten-week peak above 0.9550. The Swiss Franc (CHF) has depreciated notably against the majority of its major currency peers in 2024, and is down 2.88% YTD against the Euro (EUR).
European Central Bank (ECB) President Christine Lagarde hit the newswires on Monday while speaking about the ECB’s latest Annual Report in Strasbourg. The ECB head noted that the ECB expects inflation to continue slowing as the upward momentum from past shocks fade. It has been almost three straight years since the start of inflation the ECB initially called ‘transitory’. European inflation is not projected to decline below the ECB’s upper target of 2% until sometime in 2025.
ECB President Lagarde: Restrictive policy stance acts as a safeguard against wage-price spiral
Germany’s Gfk Consumer Confidence Survey for March is due early Tuesday and is forecast to improve slightly, expected to print at -29.0 versus the previous -29.7. Switzerland’s ZEW Survey of Expectations for February is due Wednesday, which last printed at -19.5. Thursday brings both German Retail Sales for January and Switzerland’s fourth quarter Gross Domestic Product (GDP) print, which is forecast to ease slightly to 0.2% QoQ compared to the previous quarter’s 0.3%.
EUR/CHF technical outlook
EUR/CHF has been on a firm bullish push lately, with the pair set to close in the green on Monday and chalk up another bullish candle, with 15 of the last 17 consecutive trading days closing flat or higher.
With the pair cracking December’s high at 0.9545, the next immediate target for EUR/CHF bidders will be November’s swing high of 0.9685.
EUR/CHF hourly chart
EUR/CHF daily chart
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
