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EUR/CHF above 1.0900, with a bullish tone

FXStreet (Córdoba) - EUR/CHF peaked during Mario Draghi’s press conference at 1.0940, hitting the strongest level since October 13. Afterwards pulled back but found support at 1.0860 and bounced back to the upside.

The pair is holding above 1.0900, moving toward daily highs. The euro could post the strongest daily close since mid-October.

The decision of the ECB to lower the deposit rate by 10 basis points and to extend the duration of the purchase program boosted the euro. Some market participants were expecting more aggressive stimulus actions. The rally was reinforced after the liquidation of EUR short positions.

EUR/CHF eyes 1.0950

If the pair continues to move with a bullish tone, attention would turn to the 1.0950 area, that capped the upside several times during November. The mentioned is a key resistance area. Above the next relevant resistance could be seen at the 1.1000 handle.

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