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EUR/CHF posts 1-week highs

FXStreet (Córdoba) - EUR/CHF spiked to fresh 1-week highs above 1.2100 as the euro recovers ground ahead of the Swiss National Bank policy decision tomorrow.

Switzerland's central bank is likely to reiterate that the EUR/CHF 1.20 floor will be defended with utmost determination and that it will use other tools if needed, but consensus points to no further actions tomorrow.

EUR/CHF gained momentum and climbed to a high of 1.2113 during the European session, stalling a few pips ahead of last week peak of 1.2117. At time of writing, EUR/CHF is trading at 1.2110, 0.20% above its opening price.

Meanwhile, data showed Swiss ZEW expectations index printed -7.7 in September, while Eurozone’s consumer inflation rose 0.4% YoY in August, slightly above expectations.

EUR/CHF technical levels

As for technical levels, EUR/CHF could find next resistances at 1.2117 (Sept 10 high), 1.2150 (100-day SMA) and 1.2175 (Aug 5 high). On the other hand, supports are seen at 1.2080/79 (21-day SMA/Sept 16 low), 1.2065 (Sept 10 low) and 1.2044 (Sept 4 low).

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