EUR/CHF Off Lows, Near 1.0990 Ahead of ECB

EUR/CHF Off Lows, Near 1.0990 Ahead of ECB

21 April 2016, 13:22
Roberto Jacobs
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EUR/CHF Off Lows, Near 1.0990 Ahead of ECB

After bottoming out near 1.0960 in early trade, EUR/CHF has managed to regain the 1.0980 area ahead of ECB.

EUR/CHF flat ahead of ECB

The cross is trading almost unchanged after two consecutive daily advances, with gains so far capped by the psychological handle at 1.1000 against the backdrop of a mild bias towards the risk-on trade.

Previously, the Swiss trade surplus shrunk to CHF 2.16 million in March, missing forecasts and lower than February’s CHF 4.0 billion. Back to Euroland, the ECB will hold its monetary policy meeting today, followed by Draghi’s press conference.

EUR/CHF significant levels

As of writing the cross is up 0.01% at 1.0984 and a break above 1.1036 (post-ECB high Mar.10) would expose 1.1056 (61.8% Fibo of 1.1211-1.0804) and then 1.1211 (2016 high Feb.4). On the other hand, the immediate support aligns at 1.0941 (55-day sma) followed by 1.0875 (200-day sma) and finally 1.0837 (low Apr.7).


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