17 Jun 2015
EUR/CHF drops to 50-DMA, hits two-week low
FXStreet (Mumbai) - The bid tone on the CHF strengthened in the early European session, taking the EUR/CHF pair lower to its 50-DMA currently located at 1.0417.
CHF gains on safe haven flows
The pair hit a two-week low of 1.0408 levels on the back of safe haven demand for the CHF amid Greek impasse. Other than that, no major fundamental news is out that could have led to a sharp appreciation in the CHF.
Ahead in the day, the Greek issue is likely to dominate the movement in the EUR/CHF pair. The pair could extend the drop to trade below 1.04 in case a Euro-bearish Greece news hits the wires.
EUR/CHF Technical Levels
The immediate support is seen at 1.04, under which losses could be extended to 1.0345 (May. 5 low). On the flip side, a break above 1.0416 (5-DMA), could see the pair re-test 1.0453.
CHF gains on safe haven flows
The pair hit a two-week low of 1.0408 levels on the back of safe haven demand for the CHF amid Greek impasse. Other than that, no major fundamental news is out that could have led to a sharp appreciation in the CHF.
Ahead in the day, the Greek issue is likely to dominate the movement in the EUR/CHF pair. The pair could extend the drop to trade below 1.04 in case a Euro-bearish Greece news hits the wires.
EUR/CHF Technical Levels
The immediate support is seen at 1.04, under which losses could be extended to 1.0345 (May. 5 low). On the flip side, a break above 1.0416 (5-DMA), could see the pair re-test 1.0453.