Euro at seven-week highs vs Swiss franc

FXStreet (Córdoba) - A weak Swiss franc boosted the EUR/CHF to the strongest level in seven weeks. The euro rallied during the European and the American session and climbed to 1.0935. After reaching the highest level since mid-October it pulled back modestly. It was trading at 1.0926, 60 pips above yesterday’s closing price.

Earlier it bottomed at 1.0854 but then turned to the upside, rising almost a hundred pips.

EUR/CHF holds bullish tone

The pair continues to move with a bullish tone and the euro recovered momentum. So far the pair has been able to hold above 1.0915 that last week capped the upside. Now EUR/CHF appears to be ready to rise to test 1.0950 where October highs are located. A consolidation on to would expose 1.10000.

The bullish tone is likely to persist as long as it remains above 1.0810/20, where an uptrend line and the 20-day MA currently stand; a break lower could change the tone.

Volatility is likely to increase ahead of Thursday's European Central Bank meeting. While the decisions is directly related with the euro, the Swiss franc usually is the most affected currency by ECB announcements.