16 Jan 2015
EUR/CHF gains above 4%
FXStreet (Mumbai) - The EUR/CHF cross bounced-back and soared above 4% in the early European morning, after falling almost 30% yesterday amid massive volatility.
EUR/CHF was seen trading 4.42% higher at 1.0209 levels, recouping losses after crashing to 0.8696 levels on Thursday. The pair continues to swing between gains and losses in an extremely volatile session as markets continue to absorb the SNB event and are trying to find a fair value for the EUR/CHF cross.
However, markets take the SNB’s decision to abandon the currency peg with a pinch of salt as the move is likely to have negative impacts on the Swiss economy with its exports expected to be worst-hit.
EUR/CHF levels to consider
To the upside, the next resistance is located at 1.0250 levels and above which it could extend gains 1.03 levels. To the downside immediate support might be located at 0.9890 levels, below that at 0.9800 levels.
EUR/CHF was seen trading 4.42% higher at 1.0209 levels, recouping losses after crashing to 0.8696 levels on Thursday. The pair continues to swing between gains and losses in an extremely volatile session as markets continue to absorb the SNB event and are trying to find a fair value for the EUR/CHF cross.
However, markets take the SNB’s decision to abandon the currency peg with a pinch of salt as the move is likely to have negative impacts on the Swiss economy with its exports expected to be worst-hit.
EUR/CHF levels to consider
To the upside, the next resistance is located at 1.0250 levels and above which it could extend gains 1.03 levels. To the downside immediate support might be located at 0.9890 levels, below that at 0.9800 levels.