EUR/CHF still in red around 1.0830

Pablo Piovano FXStreet

EUR/CHF is posting marginal losses at the end of the week, hovering over 1.0830 following the opening bell in Euroland.

EUR/CHF attention to ‘Brexit’

Increasing risk aversion fuelled by the likeliness of a ‘Brexit’ vote at the EU-UK Referendum next week has boosted the demand for the safe have CHF as of late, dragging the cross from June tops above the 1.1100 handle to yesterday’s fresh 2016 lows in the 1.0775/70 band.

CHF has remained apathetic to the steady stance from the SNB at its meeting on Thursday, although the door remains well open for FX intervention in case of strong (and unwelcomed) appreciation of the franc, as suggested by President T.Jordan.

EUR/CHF significant levels

As of writing the cross is down 0.03% at 1.0830 and a break below 1.0777 (2016 low Jun.16) would aim for 1.0767 (low Dec.30 2015) and finally 1.0729 (monthly low Dec.24 2015). On the flip side, the initial hurdle aligns at 1.0928 (200-day sma) followed by 1.0985 (55-day sma) and then 1.1117 (high Jun.3).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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