EUR/CHF Sinks to Lows Near 1.1050

EUR/CHF Sinks to Lows Near 1.1050

9 May 2016, 10:21
Roberto Jacobs
0
24

EUR/CHF Sinks to Lows Near 1.1050

After a failed attempt to extend the recent breakout of the 1.1100 handle, EUR/CHF has now returned to the mid-1.10s, or daily lows.

EUR/CHF lower post-CPI

The cross met further downside pressure as a positive start of European equities is weighing on the shared currency on Monday.

In addition, higher-than expected CPI figures in the Alpine economy seem to have lent extra support to the safe haven CHF, collaborating with the decline. In fact, consumer prices tracked by the CPI rose at a monthly pace of 0.3% in April and contracted 0.4% over the last twelve months, bettering forecasts.

Next on tap in the euro area will be the Investors’ Confidence measured by the Sentix index, expected at 6.1 for the current month.

EUR/CHF significant levels

As of writing the cross is losing 0.41% at 1.1051 and a breakdown of 1.0986 (20-day sma) would expose 1.0948 (low Apr.29) and finally 1.0942 (55-day sma). On the other hand, the initial up move aligns at 1.1090 (high May 9) ahead of 1.1108 (high Apr.29) and finally 1.1211 (2016 high Feb.4).


fxs_logo_news.png

Share it with friends: