26 Aug 2015
EUR/CHF challenging lows around 1.0760
FXStreet (Edinburgh) - The selling pressure around the euro is pushing EUR/CHF to test the region of daily lows in the 1.0765/60 band so far.
EUR/CHF weaker on EUR-selling
After hitting fresh tops in the boundaries of 1.0860 at the end of the Asian session, the cross has sparked a correction lower as market participants continued to cash up recent strong gains in EUR.
Later comments by ECB’s P.Praet re-ignited fears of a potential extension of the current QE scheme in the region, intensifying the offered bias and accelerating the downside.
In the data space, the Consumption Indicator in the Swiss economy gauged by UBS came in at 1.64 for the month of July, a tad better than June’s 1.61.
EUR/CHF levels to consider
The cross is now losing 0.39% at 1.0772 with the next support at 1.0761 (low Aug.26) followed by 1.0712 (low Aug.20) and then 1.0676 (low Aug.6). On the other hand, a breakout of 1.0855 (high Aug.26) would open the door to 1.0881 (high Aug.25) and finally 1.0928 (high Aug.11).
EUR/CHF weaker on EUR-selling
After hitting fresh tops in the boundaries of 1.0860 at the end of the Asian session, the cross has sparked a correction lower as market participants continued to cash up recent strong gains in EUR.
Later comments by ECB’s P.Praet re-ignited fears of a potential extension of the current QE scheme in the region, intensifying the offered bias and accelerating the downside.
In the data space, the Consumption Indicator in the Swiss economy gauged by UBS came in at 1.64 for the month of July, a tad better than June’s 1.61.
EUR/CHF levels to consider
The cross is now losing 0.39% at 1.0772 with the next support at 1.0761 (low Aug.26) followed by 1.0712 (low Aug.20) and then 1.0676 (low Aug.6). On the other hand, a breakout of 1.0855 (high Aug.26) would open the door to 1.0881 (high Aug.25) and finally 1.0928 (high Aug.11).