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27 Aug 2014
EUR/CHF hits fresh 20-month low
FXStreet (Córdoba) - The EUR/CHF pushed lower and broke below the 1.2070 support area to hit its lowest since December 2012 in recent dealings.
The EUR/CHF has been under increasing pressure this month, having lost more than 100 pips so far, which is outstanding for a cross that moves very little ever since the SNB placed a floor back in September 2011.
At time of writing, the EUR/CHF is trading at 1.2063, down 0.14% on the day, having printed a low of 1.2058 so far.
“There has been talk the last several sessions that the SNB has placed bids at 1.2060 to provide a little cushion for the 1.20 CHF cap. Well that line in the sand looks like it is about to get its first test”, said Jamie Coleman, analyst at FXBeat. “Perhaps a small punt to the long side with a very tight stop and a modest t/p, say 1.2080/85 might be worthwhile. Don't expect much in the way of fireworks”.
The EUR/CHF has been under increasing pressure this month, having lost more than 100 pips so far, which is outstanding for a cross that moves very little ever since the SNB placed a floor back in September 2011.
At time of writing, the EUR/CHF is trading at 1.2063, down 0.14% on the day, having printed a low of 1.2058 so far.
“There has been talk the last several sessions that the SNB has placed bids at 1.2060 to provide a little cushion for the 1.20 CHF cap. Well that line in the sand looks like it is about to get its first test”, said Jamie Coleman, analyst at FXBeat. “Perhaps a small punt to the long side with a very tight stop and a modest t/p, say 1.2080/85 might be worthwhile. Don't expect much in the way of fireworks”.