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Forex: EUR/CHF testing highs around 1.2160/65

FXstreet.com (Barcelona) - The Swiss franc is losing ground against the single currency on Tuesday, as risk appetite is reining in the markets after Monday’s sharp sell-off.

The cross found support around 1.2140 overnight, climbing to the current levels of 1.2160/65 and posting fresh highs at the same time.

According to the last CFTC CPT report, Strategist Jane Foley at Rabobank commented, “Swiss franc shorts lessened modestly though the tone remains consolidative”.

As of writing, the pair is up 0.17% at 1.2164 with the next resistance at 1.2179 (MA21d) followed by 1.2200 (high Apr.12) and finally 1.2212 (high Apr.9).
On the downside, a drop beyond 1.2118 (low Feb.26) would bring 1.2086 (low Jan.10) and then 1.2082 (low Jan.4).

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