EURCHF hits the highest levels since Jan 2015 on steep rally in past few days
The Euro surged against Swiss Franc this week, marking gains of over 3% so far in the biggest weekly advance since late Jan 2015. The Swiss Franc hit the lowest level since the SNB unpegged the national currency on Jan 15 2015.
Market participants suspect that the SNB might be behind the move, as central bank’s president Jordan warned about significantly overvalued franc.
Strong rally so far doesn’t show signs of fatigue, despite strongly overextended daily studies, but some corrective action could be anticipated in the near term.
The pair hit fresh high at 1.1379 on Friday, the highest since 15 Jan 2015 fall, signaling further advance.
Immediate target lies at 1.1418 (Fibo 138.2% projection) and rally may extend towards 1.1554 (Fibo 161.8% projection.
Res: 1.1379; 1.1418; 1.1500; 1.1554
Sup: 1.1300; 1.1260; 1.1180; 1.1105