EUR/CHF breaks under 1.1500 and hits 2-month lows
- Swiss franc strengthens across the board on Thursday.
- EUR/CHF suffers worst daily decline since mid-June and drops to 1.1450.
The Swiss franc was among the top performers on Thursday on the day the Turkish Lira lost 5% triggering a sharp decline across emerging market currencies. EUR/CHF broke last week lows and resumed with the slide that started weeks ago from above 1.1722.
The pair dropped below the key 1.1500 support and bottomed at 1.1450, the lowest level since May 30. Near the end of the session, the euro was consolidating most of the day’s losses, having the worst performance since mid-June.
EUR/CHF Levels to watch
The daily close under 1.1500 suggests that the negative tone is likely to prevail ahead of the next sessions. So far the slide has been capped by the 1.1450 area: a break lower would expose the next support at 1.1405 and the 2018 low at 1.1366. On the upside, immediate resistance is now seen at 1.1495 followed by 1.1550 (horizontal) and 1.1560 (downtrend line). A break above the last one would improve the outlook for the euro.