Back

EUR/CHF drops to lows near 1.0340

FXStreet (Edinburgh) - The Swiss franc is now picking up pace vs. its European peer on Thursday, dragging EUR/CHF to test daily lows around 1.0335/40.

EUR/CHF extends the correction lower

In the meantime, the cross continues its march South, prolonging its leg lower after hitting May peaks in the 1.0500 vicinity. Increasing concerns regarding the debt negotiations between Greece and its EU counterpart have been fuelling the demand for the save have CHF.

In another direction, the Swiss trade surplus widened to CHF 2.85 billion during April, surpassing both forecasts and previous reading. Further data showed Industrial Production in Switzerland contracted at an annual pace of 5.0% during Q1.

EUR/CHF levels to consider

As of writing the cross is losing 0.08% at 1.0344 and a breach of 1.0324 (low May 26) would open the door to 1.0305 (low May 7) and finally 1.0236 (low Apr.21). On the other hand, the initial up barrier lines up at 1.0400 (daily cloud top) followed by 1.0449 (high May 22) and then 1.0465 (high May 20).

Never use rates to prick bubbles – Fed’s Williams

San Francisco Fed President John Williams said on Thursday that the banks should refrain from using interest rate policy to address risks to financial stability. “Even as a last resort” policymakers should not use rates to avoid or prick bubbles.
Mehr darüber lesen Previous

GBP/USD could re-visit 1.5029-1.5121 – Commerzbank

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could test the cloud support at the 1.5059-1.5121 band...
Mehr darüber lesen Next