FXStreet (Edinburgh) - The Swiss franc is now losing the grip vs. its European peer, lifting EUR/CHF back above the psychological 1.1000 handle.
EUR/CHF trims losses
The cross continues to recover part of last Friday’s deep sell-off to the vicinity of 1.0970 after clinching multi-month peaks in the mid-1.1000s, looking to cement another break above 1.10 as the demand for the safe haven CHF seems to be fading.
The franc is depreciating despite Swiss retail sales contracted 0.1% on a year to July, up from the previous 0.9% contraction. Further data in the Alpine economy saw Producer and Import Prices deep further into the negative ground, contracting 0.7% from July to August and taking the annual contraction to 6.8%.
EUR/CHF relevant levels
At the moment the cross is up 0.14% at 1.1010 facing the next up barrier at 1.1049 (high Sep.11) and then 1.1100 (psychological level). On the flip side, a breakdown of 1.0970 (low Sep.11) would expose 1.0922 (low Sep.10) and finally 1.0878 (low Sep.9).
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