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6 Feb 2015
EUR/CHF in session lows
FXStreet (Edinburgh) - The Swiss franc is appreciating vs. its European peer on Friday, dragging EUR/CHF to test the 1.0530 area.
EUR/CHF remains above 1.0500
The cross is prolonging its consolidation above the 1.0500 mark, mainly after market rumours keep pointing that the SNB could set a ‘soft corridor’ between 1.05-1.10. It is worth noting that the Swiss National Bank stressed it remains ready to intervene in the FX markets if it sees it convenient.
Data wise in the Alpine economy, Foreign Currency Reserves increased a tad to CHF 498.4 billion in January from CHF 495.1 billion in the previous month; in addition Retail Sales expanded at an annual pace of 2.2% in December surpassing estimates and reverting the previous 1.2% drop.
EUR/CHF key levels
The cross is now retreating 0.46% at 1.0543 with the next support at 1.0500 (psychological level) ahead of 1.0464 (low Feb.5) and then 1.0456 (low Feb.4). On the upside, a breakout of 1.0635 (high Feb.5) would open the door to the psychological levels at 1.0700 and 1.0800.
EUR/CHF remains above 1.0500
The cross is prolonging its consolidation above the 1.0500 mark, mainly after market rumours keep pointing that the SNB could set a ‘soft corridor’ between 1.05-1.10. It is worth noting that the Swiss National Bank stressed it remains ready to intervene in the FX markets if it sees it convenient.
Data wise in the Alpine economy, Foreign Currency Reserves increased a tad to CHF 498.4 billion in January from CHF 495.1 billion in the previous month; in addition Retail Sales expanded at an annual pace of 2.2% in December surpassing estimates and reverting the previous 1.2% drop.
EUR/CHF key levels
The cross is now retreating 0.46% at 1.0543 with the next support at 1.0500 (psychological level) ahead of 1.0464 (low Feb.5) and then 1.0456 (low Feb.4). On the upside, a breakout of 1.0635 (high Feb.5) would open the door to the psychological levels at 1.0700 and 1.0800.