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Forex: EUR/CHF bouncing from lows, around 1.2365/70

The Swiss franc is now losing ground against the bloc currency, partially giving away previous gains. Renewed risk aversion dragged the cross from session highs in the vicinity of 1.2380 to sub 1.2350 levels, just to rebound since to the current region of 1.2365/70

“Swiss franc longs fell further and are at their most negative since November 2012”, signaled Jane Foley, Currency Strategist at Rabobank, on the last CFTC COT report.

At the moment, the pair is flat at 1.2370 with the immediate resistance at 1.2391 (high Mar.8) ahead of 1.2405 (high Feb.4) and then 1.2505 (high Feb.4).
On the downside, a dip below 1.2347 (low Mar.8) would bring 1.2320 (high Mar.6) and finally 1.2305 (low Mar.7).

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