10 Jul 2015
EUR/CHF tumbled to 1.0441
FXStreet (Mumbai) - The bid tone on the CHF recovered sharply, pushing the EUR/CHF pair to a session low of 1.0441.
EUR/CHF drops below hourly 50-MA
The spot now trades below the hourly 50-MA currently located at 1.0471. The pair ran into offers at the July 2nd high of 1.0525. The pair has been struggling since the start of July to take out 1.0515-1.0525 levels. So far, the SNB has not come-in to increase the supply of the CHF.
The safe haven CHF spiked in the last hour or so even though there is no fresh news regarding Greece. Moreover, the uptick in the CHF may be a delayed reaction to the fact that Greece submitted a proposal that was largely similar to the one supported ahead of the June 30 deadline.
EUR/CHF Technical Levels
The immediate support is located at 1.0432 (50-DMA), under which the spot could target 1.04. On the flip side, resistance is seen at 1.0471 (hourly 50-MA) and 1.0515-1.0525.
EUR/CHF drops below hourly 50-MA
The spot now trades below the hourly 50-MA currently located at 1.0471. The pair ran into offers at the July 2nd high of 1.0525. The pair has been struggling since the start of July to take out 1.0515-1.0525 levels. So far, the SNB has not come-in to increase the supply of the CHF.
The safe haven CHF spiked in the last hour or so even though there is no fresh news regarding Greece. Moreover, the uptick in the CHF may be a delayed reaction to the fact that Greece submitted a proposal that was largely similar to the one supported ahead of the June 30 deadline.
EUR/CHF Technical Levels
The immediate support is located at 1.0432 (50-DMA), under which the spot could target 1.04. On the flip side, resistance is seen at 1.0471 (hourly 50-MA) and 1.0515-1.0525.