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27 Mar 2013
Forex: EUR/CHF finds support at 1.2170
FXstreet.com (Barcelona) - Increased inflows into the safe haven Swiss franc have dragged the cross to weekly lows in the vicinity of 1.2170 on Wednesday, currently trading in the negative territory for the third consecutive session.
M.Mohi-uddin, Director of FX Strategy at UBS, commented, “EURCHF is likely to trade around 1.22-1.23 over the next one to three months with the SNB remaining ready to buy euros aggressively if the cross was to test 1.20 again… In addition, it's worth noting that SNB Board Member Zurbruegg said model estimates suggest the franc remains 7-20% overvalued”.
At the moment, the pair is losing 0.03% at 1.2189 with the next support at 1.2159 (low Feb.27) followed by 1.2126 (MA200d) and finally 1.2118 (low Feb.26).
On the upside, a breakout of 1.2205 (MA100d) would open the door to 1.2267 (MA21d) and then 1.2293 (high Mar.18).
M.Mohi-uddin, Director of FX Strategy at UBS, commented, “EURCHF is likely to trade around 1.22-1.23 over the next one to three months with the SNB remaining ready to buy euros aggressively if the cross was to test 1.20 again… In addition, it's worth noting that SNB Board Member Zurbruegg said model estimates suggest the franc remains 7-20% overvalued”.
At the moment, the pair is losing 0.03% at 1.2189 with the next support at 1.2159 (low Feb.27) followed by 1.2126 (MA200d) and finally 1.2118 (low Feb.26).
On the upside, a breakout of 1.2205 (MA100d) would open the door to 1.2267 (MA21d) and then 1.2293 (high Mar.18).