Thursday, October 29, 2015

EUR/CHF testing lows around 1.0850

FXStreet (Edinburgh) - The Swiss franc is gathering traction vs. its European peer on Thursday, dragging EUR/CHF to the lower band of the range at 1.0850/45.

EUR/CHF lower post-FOMC

The cross is now trading closer to post-FOMC troughs in the 1.0830 area posted on Wednesday, after sellers have faded the initial spike towards daily peaks near 1.0880.

Ahead in the session, EMU’s Business Climate and Economic Sentiment are due followed by the more relevant preliminary inflation figures in Germany for the current month.

EUR/CHF levels to consider

At the moment the cross is losing 0.08% at 1.0851 with the immediate support at 1.0739 (low Oct.26) ahead of 1.0733 (100-day ma) and finally 1.0501 (Fibo 23.6% of 0.8696-1.1058). On the other hand, a breakout of 1.0877 (55-day ma) would aim for 1.0890 (downtrend from 1.1049) and then 1.1049 (high Sep.11).
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