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EUR/CHF supported at 1.2010

FXStreet (Edinburgh) - The euro remains on the defensive side vs. the Swiss franc on Monday, taking EUR/CHF to the 1.2015/10 band.

EUR/CHF on its way to 1.2000?

The par is retreating for the sixth consecutive week so far, extending the decline from October’s tops near 1.2140 and opening the door for a potential test of the SNB target at 1.2000 the figure. Data wise in the Alpine economy, the ZEW Survey is due on Wednesday ahead of the trade balance figures on Thursday. However, all the attention is on the referendum of the SNB gold holdings on November 30th, with consensus still far from adventure an outcome. In the view of Jane Foley, Senior Currency Strategist at Rabobank, “Currently, there is too much uncertainty connected with the outcome of the Swiss gold initiative to anticipate a break in the SNB’s peg. That said, EUR/CHF is likely to remain close to its floor during the next couple of weeks”.

EUR/CHF levels to consider

The cross is now flat at 1.2014 with the next resistance at 1.2033 (10-d MA) ahead of 1.2043 (Tenkan Sen) and finally 1.2047 (high Nov.7). On the downside, a break below 1.2007 (low Jul.23 2012) would expose 1.2000 (SNB target) and then 1.1990 (2012 low Apr.5).

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