Forex: EUR/CHF fully retraces rally

By FXstreet.com | October 09, 2012 AAA

FXstreet.com (Barcelona) - The Asian session saw the EURCHF leaving the 1.2100 ground in a rally to 1.2143 high driven by Swiss Franc weakness. A steady decline followed, only to give way to a plunge to 1.2110 on the European opening alongside to the other euro crosses.



In the European session, the market continued the retracement and returned to flat on Tuesday at 1.2103 (GMT), just above the psychological level.



MIG Bank analysts expect further medium-term strength and target 1.2243, while support at 1.2000 should hold the EURCHF: "In the long-term, we remain of the view that if EURUSD can gather some downside momentum then it may be a step too far for the SNB to hold back the whole FX market", wrote analyst Bijoy Kar.



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