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3 Mar 2014
EUR/CHF falls to a new 14-month low
FXStreet (Bali) - The EUR/CHF exchange rate has fallen sharply in interbank trading, posting a new 14-month low at 1.21.
With the latest reports suggesting that Russian forces are in complete control of the Ukraine region of Crimea, and US Secretary of State John Kerry reaffirming its support towards Ukraine sovereignity, fears of an escalation of the Ukraine/Russian crisis into a larger global scale HAS caused investors to seek protection in the Swiss Franc. Despite the 1.20 'line in the sand' drawn by the SNB, the area is getting closer and closer.
From a technical perspective, should 1.21 give up, the immediate support zone comes at 1.2060 (series of lows from Dec 2012) followed by 1.2020/25 (lows Nov 2012) ahead of the round number 1.20. On the upside, 1.2130 is the first area of resistance to come into play ahead of 1.2160/65.
With the latest reports suggesting that Russian forces are in complete control of the Ukraine region of Crimea, and US Secretary of State John Kerry reaffirming its support towards Ukraine sovereignity, fears of an escalation of the Ukraine/Russian crisis into a larger global scale HAS caused investors to seek protection in the Swiss Franc. Despite the 1.20 'line in the sand' drawn by the SNB, the area is getting closer and closer.
From a technical perspective, should 1.21 give up, the immediate support zone comes at 1.2060 (series of lows from Dec 2012) followed by 1.2020/25 (lows Nov 2012) ahead of the round number 1.20. On the upside, 1.2130 is the first area of resistance to come into play ahead of 1.2160/65.