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EUR/CHF hits lowest since December 2012

FXStreet (Córdoba) - The EUR/CHF moved all day with a downside bias and accelerated after breaking below previous lows at 1.2085 and fell quickly to 1.2070, reaching the lowest price since December 2012.

The Euro is falling across the board on Monday, after Draghi’s speech on Jackson Hole and following economic data from the Eurozone. The pair remains near the lows, approaching the 1.2000 area, that is the floor established by the Swiss National Bank (SNB).

EUR/CHF and more downside ahead?

“In case of a drop through 1.2087 being seen, the November 2012 low at 1.2030 will be targeted” says Axel Rudolph, Senior Technical Analyst at Commerzbank.

According to Rudolph the pair will continue to have a negative outlook as long as it holds below 1.2178, late July high.

EUR/USD clings to 1.3200

The EUR/USD seems unable to leave the 1.3200 area, with the latest string of US data having virtually no impact on the FX market as the dollar takes a breather following last sessions’ rally.
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