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EUR/CHF testing lows around 1.2110

FXStreet (Edinburgh) - The single currency is losing ground vs. its Swiss counterpart on Thursday, pushing EUR/CHF to challenge lows in the 1.2115/10 band.

EUR/CHF weaker on USD

The European cross came under pressure following the broad-based weaker tone from the US dollar, intensifying the selling interest in the USD/CHF. There are no scheduled data in the Swiss economy or Euroland today, although Draghi’s speech later on could bring in some volatility to the EUR. In another tone, SNB’s Danthine stressed the benefits of the cap in the exchange rate for the monetary conditions and repeated its key role in maintaining stability in prices. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has again failed to close above its 1.2133 July low to confirm a rally to the 200 day ma at 1.2176. Intraday dips are indicated to terminate 1.2100/1.2090. Key support lies at 1.2055/45. This guards 1.2000”.

EUR/CHF levels to consider

The cross is now losing 0.07% at 1.2111 with the next support at 1.2105 (low Oct.7) ahead of 1.2095 (cloud base) and then 1.2093 (Kijun Sen). On the upside, a breakout of 1.2135 (high Oct.9) would expose 1.2140 (high Oct.8) and finally 1.2141 (50% of 1.2238-1.2045).

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