EUR/CHF climbs to highs near 1.0450

EUR/CHF climbs to highs near 1.0450
FXStreet (Edinburgh) – A better tone in the risk-associated universe is pushing EUR/CHF to test daily highs in the mid-1.0400s so far.

EUR/CHF supported near 1.0400

The cross seems to have found decent support in the 1.0400 neighbourhood in past sessions, although gains continue to be capped by the 1.0520/30 band. The recent rumours of FX intervention by the SNB to prevent undesirable appreciation of the Swiss franc have limited the pullbacks to the 1.0400 handle, allowing a rebound to the current 1.0440/50 area.

While the risk appetite trends will remain the exclusive catalyst during this week, preliminary figures of the manufacturing and services PMIs in the euro area (Friday) and Switzerland’s trade balance results (Tuesday) will be the main events in the data space.

EUR/CHF levels to watch

At the moment the cross is up 0.20% at 1.0439 with the next resistance at 1.0464 (high Jul.14) followed by 1.0513 (high Jul.13) and then 1.0546 (high Jun.25). On the other hand, a breach of 1.0409 (low Jul.17) would expose 1.0397 (low Jul.15) and finally 1.0366 (low Jul.7).
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Source: FXStreet