EUR/CHF hits two-week highs near 1.0580; deposits at SNB on the rise

  • Sight deposits rise in Swiss National Bank suggesting central bank has been active.
  • Swiss franc drops across the board on Monday.

The EUR/CHF rose on Monday from near 1.0500 and peaked at 1.0578, the highest level since April 9. As of writing, it trades at 1.0565, up 40 for the day, the biggest day in a month.

A slide of the Swiss franc across the board boosted EUR/CHF. The move was also supported by an improvement in market sentiment and takes place ahead of Thursday’s European Central Bank meeting.

Data released on Monday showed commercial banks deposits at the Swiss National Bank (SNB) rose by CHF 13.4 billion last week; the most significant increase since January 2015 when the central bank abandoned the 1.20 floor in EUR/CHF.

Higher deposits at the SNB suggest intervention to curb franc’s strength. Analysts see the SNB defending the 1.0500 area. Regarding monetary policy, at the moment, market participants do not expect more rate cuts from the SNB (currently at -0.75%).

A slide below 1.0500 could lead to an acceleration to the downside in EUR/CHF. It would be trading at the lowest since mid-2015. On the upside, resistance emerges at 1.0508 and 1.0605.


Today last price 1.0562
Today Daily Change 0.0031
Today Daily Change % 0.29
Today daily open 1.0531
Daily SMA20 1.055
Daily SMA50 1.0585
Daily SMA100 1.069
Daily SMA200 1.0818
Previous Daily High 1.0538
Previous Daily Low 1.0512
Previous Weekly High 1.0538
Previous Weekly Low 1.0509
Previous Monthly High 1.071
Previous Monthly Low 1.0525
Daily Fibonacci 38.2% 1.0528
Daily Fibonacci 61.8% 1.0522
Daily Pivot Point S1 1.0516
Daily Pivot Point S2 1.0502
Daily Pivot Point S3 1.0491
Daily Pivot Point R1 1.0542
Daily Pivot Point R2 1.0553
Daily Pivot Point R3 1.0567



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD nears 1.19 amid mixed US data

EUR/USD is trading close to 1.19, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields. The ISM Non-Manufacturing PMI beat with 58.1. 


XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.


ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News