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EUR/CHF jumps to test monthly highs

  • A weaker Swiss franc bosts EUR/CHF to 1.1330. 
  • The pair is testing a critical resistance level after breaking above 1.1290.

The EUR/CHF pair rose to 1.1330 despite the decline of the EUR/USD. A weaker Swiss franc supported the upside. The pair pulled back, and it is trading at 1.1315/20, posting the third gain in-a-row and heads for the highest close in a month. 

Despite the uncertainty around Brexit, EUR/CHF appears to be building a base around 1.1200. Now is testing the1.1330/50 area and a break higher from a technical perspective would favor more gains over the medium-term. The 20-week MA and the 100-day MA also stand around the mentioned zone. 

The Swiss franc continues to be the weakest among majors, Over the last five days, USD/CHF rose 1%. 

EUR/CHF Levels to watch 

If the pair rises further, resistance levels might be located at 1.1330 (daily high), followed by 1.1350 (December highs) and 1.1405. On the flip side, supports might lie at 1.1285, 1.1245 (weekly low) and 1.1215. 

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