Forex: EUR/CHF in session highs around 1.2330
Forex pairs in this Article »
EUR/CHF
FXstreet.com (Barcelona) - The Swiss franc is rapidly losing ground against its European counterpart on Monday, pushing the cross from the area around 1.2285 to session highs at 1.2333
M.Mohi-uddin, Director of FX Strategy at UBS commented, "we do not expect the SNB to 'fine-tune' its floor for EURCHF by raising it to say 1.25 if the market pushes the cross higher. Last, the central bank is also unlikely to start selling its $460bn of foreign exchange reserves if EURCHF rises. The SNB is likely to maintain a cautious stance about developments in Europe. Prematurely changing its exchange rate policy may result in sharp, renewed inflows into the franc".
EURCHF is now advancing 0.38% at 1.2323 with the next resistance at 1.2378 (MA21d) followed by 1.2512 (Upper Bollinger) and then 1.2515 (high Jan.30).
On the flip side, a breach of 1.2257 (low Feb.5) would open the door to 1.2245 (Lower Bollinger) and then 1.2205 (MA55d).
M.Mohi-uddin, Director of FX Strategy at UBS commented, "we do not expect the SNB to 'fine-tune' its floor for EURCHF by raising it to say 1.25 if the market pushes the cross higher. Last, the central bank is also unlikely to start selling its $460bn of foreign exchange reserves if EURCHF rises. The SNB is likely to maintain a cautious stance about developments in Europe. Prematurely changing its exchange rate policy may result in sharp, renewed inflows into the franc".
EURCHF is now advancing 0.38% at 1.2323 with the next resistance at 1.2378 (MA21d) followed by 1.2512 (Upper Bollinger) and then 1.2515 (high Jan.30).
On the flip side, a breach of 1.2257 (low Feb.5) would open the door to 1.2245 (Lower Bollinger) and then 1.2205 (MA55d).
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