EUR/CHF jumps from 2-week lows to 1-month highs

Matías Salord FXStreet

EUR/CHF is having an unusual volatile day. The pair has been able, not only to erase losses, but gained momentum and is having the best daily performance in months.

EUR/CHF stronger

The pair opened the week under pressure after the results of the Italian referendum and bottomed at 1.0694, the lowest since November 21. Then it managed to stabilize around 1.0720. During the European session started to rise and then accelerated.

It continued to climb during the American session amid a stronger EUR across the board. EUR/CHF reached 1.0847, a level last seen back on November 1. The pair remains near the highs despite the uncertainty surrounding Italy. Markets could have priced in a very negative scenario regarding the Euro.

Volatility in the pair could remain elevated amid political uncertainty in the Eurozone and also ahead of the European Central Bank meeting that will take place on Thursday. An extension of the purchase program is expected.

ECB to extend QE purchases by six months - Danske Bank

EUR/CHF technical levels

To the upside, resistance levels are seen at 1.0850, 1.0865 (Oct 28 & 31 high) and 1.0910 (Sep 26 & 27 high / Oct 6 & 7 low). On the flip side, support could be seen at 1.0815 (last week high), 1.0780 (Dec 2 high) and 1.0730 (Dec 2 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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