5 Mar 2015
EUR/CHF rises back above 1.0700
FXStreet (Córdoba) - EUR/CHF is recovering on Thursday after losing almost a hundred pips on Wednesday, as traders await the European Central Bank decision and Mario Draghi’s press conference.
The pair bottomed during the European session at 1.0650 but then rebounded and recently printed a fresh daily high at 1.0709. Currently is hovering around 1.0700. Price action so far remained within yesterday’s trading range.
The recovery from 1.0650 was boosted by a weak Swiss franc. While EUR/USD stabilized 1.1050 during the last few hours, USD/CHF kept making new highs. The swissy is the worst performer among European currencies but still holds above weekly lows.
EUR/CHF technical levels
To the upside, immediate resistance lies at 1.0710 (daily high), 1.0760 (March 3 high) and 1.0795. On the opposite direction support might be located at 1.0650 (daily low), 1.0610 (Feb 27 low) and 1.0575 (Feb 13 low).
The pair bottomed during the European session at 1.0650 but then rebounded and recently printed a fresh daily high at 1.0709. Currently is hovering around 1.0700. Price action so far remained within yesterday’s trading range.
The recovery from 1.0650 was boosted by a weak Swiss franc. While EUR/USD stabilized 1.1050 during the last few hours, USD/CHF kept making new highs. The swissy is the worst performer among European currencies but still holds above weekly lows.
EUR/CHF technical levels
To the upside, immediate resistance lies at 1.0710 (daily high), 1.0760 (March 3 high) and 1.0795. On the opposite direction support might be located at 1.0650 (daily low), 1.0610 (Feb 27 low) and 1.0575 (Feb 13 low).