EUR/CHF Gains Traction, Eyes 1.11
The shared currency is now picking up further pace vs. the Swiss franc, lifting EUR/CHF to test highs near 1.1100 the figure.
EUR/CHF supported around 1.1050
The
cross is posting gains after two consecutive losses, looking to recover
recent 3-month peaks above the 1.1100 handle posted on Friday.
News
from the Alpine economy showed unemployment rate at a seasonally
adjusted 3.5% during April, adding to yesterday’s higher-than-expected
consumer prices during the same period. Back to the euro area, German
Industrial Production missed consensus in March, while trade surplus has
come in above expectations.
EUR/CHF significant levels
As
of writing the cross is up 0.27% at 1.1086 and a breakout of 1.1108
(high May 6) would open the door to 1.1172 (high Jan.29) and then 1.1211
(2016 high Feb.4). On the other hand, the immediate support aligns at
1.0995 (20-day sma) ahead of 1.0948 (low Apr.29) and finally 1.0906
(200-day sma).