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EUR/CHF dropped below 1.2070

FXStreet (Edinburgh) - The Swiss franc gained extra traction on Thursday, dragging the EUR/CHF through the 1.2100 support and back to levels near 1.2060.

EUR/CHF softer post-SNB

The cross is back to levels last seen in early September around 1.2070/60 after the SNB left its monetary policy unchanged in today’s meeting. There was some expectations and rumours that the Swiss National Bank could implement negative rates following its European counterpart, although none of them were matched. “EUR/CHF is well placed to test the 1.2121 55 day ma. Dips are indicated to hold circa 1.2079 and intraday Elliott wave counts are suggesting recovery to 1.2140”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/CHF levels to consider

As of writing the cross is losing 0.20% at 1.2080 with the next support at 1.2045 (low Sep.4) followed by 1.2030 (low Nov.28 2012) and finally 1.2007 (low Jul.23 2012). On the upside, a breakout of 1.2118 (38.2% of 1.2238-1.2045) would expose 1.2120 (55-d MA) and then 1.2145 (high Aug.11).

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