19 Feb 2015
EUR/CHF retreats from highest levels post SNB cap removal
FXStreet (Mumbai) - EUR/CHF reversed previous gains and trades flat as traders continue to digest upbeat Swiss trade balance data, while Greece debt extension program remains in the spotlight driving the moves in the shared currency.
EUR/CHF declines from 1.0770 levels
Currently, the EUR/CHF traded flat at 1.0745 levels, having posted day’s high at 1.0770 and day’s low at 1.0732. The pair remains supported as markets continue to speculate that the Swiss National Bank might be intervening in currency markets and selling francs. Moreover, cheerful Swiss trade surplus numbers also failed to lift the franc.
However, the upside in EUR/CHF is likely to remain capped as traders remain cautious on the likely outcome of the ongoing Greece debt extension talks as Greece approaches its debt repayment deadline on Feb 28.
EUR/CHF Technical Levels
To the upside, the next resistance is located at 1.0800 levels and above which it could extend gains to 1.0850 levels. To the downside, immediate support might be located at 1.0626 levels and below that at 1.0551 levels.
EUR/CHF declines from 1.0770 levels
Currently, the EUR/CHF traded flat at 1.0745 levels, having posted day’s high at 1.0770 and day’s low at 1.0732. The pair remains supported as markets continue to speculate that the Swiss National Bank might be intervening in currency markets and selling francs. Moreover, cheerful Swiss trade surplus numbers also failed to lift the franc.
However, the upside in EUR/CHF is likely to remain capped as traders remain cautious on the likely outcome of the ongoing Greece debt extension talks as Greece approaches its debt repayment deadline on Feb 28.
EUR/CHF Technical Levels
To the upside, the next resistance is located at 1.0800 levels and above which it could extend gains to 1.0850 levels. To the downside, immediate support might be located at 1.0626 levels and below that at 1.0551 levels.