28 Jul 2015
EUR/CHF off 4-month highs, near 1.0650
FXStreet (Mumbai) - The shared currency paused its recent ascent versus the Swiss franc in early European trades, now pushing EUR/CHF away from multi-month peak. The cross edged lower largely on weaker shared currency on the back of correction after the recent upsurge.
EUR/CHF drops from 1.0674
The EUR/CHF pair trades -0.18% lower at 1.0652, moving away from fresh 4-month highs reached at 1.0690 on Monday. The cross in EUR/CHF remains offered as markets resorted to profit-taking on the EUR longs after the recent rally driven by USD longs squeeze and upbeat German Ifo data.
Optimism returned to currency markets last week and boosted the EUR/USD pair, when Greece's parliament approved by a wide margin a second set of economic reforms demanded by its international creditors, opening the way to detailed negotiations on a third bailout for the country.
On the CHF-side of the equation, the USD/CHF pair remains muted, despite broad based US dollar strength as markets await fresh incentives from the upcoming US macro data due later today.
EUR/CHFTechnical Levels
The pair has an immediate resistance at 1.0674 (Today’s High) levels, above which gains could be extended to 1.0690 (July 27 High) levels. On the flip side, support is seen at 1.0600 below which it could extend losses to 1.0558 (July 27 Low) levels.
EUR/CHF drops from 1.0674
The EUR/CHF pair trades -0.18% lower at 1.0652, moving away from fresh 4-month highs reached at 1.0690 on Monday. The cross in EUR/CHF remains offered as markets resorted to profit-taking on the EUR longs after the recent rally driven by USD longs squeeze and upbeat German Ifo data.
Optimism returned to currency markets last week and boosted the EUR/USD pair, when Greece's parliament approved by a wide margin a second set of economic reforms demanded by its international creditors, opening the way to detailed negotiations on a third bailout for the country.
On the CHF-side of the equation, the USD/CHF pair remains muted, despite broad based US dollar strength as markets await fresh incentives from the upcoming US macro data due later today.
EUR/CHFTechnical Levels
The pair has an immediate resistance at 1.0674 (Today’s High) levels, above which gains could be extended to 1.0690 (July 27 High) levels. On the flip side, support is seen at 1.0600 below which it could extend losses to 1.0558 (July 27 Low) levels.