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Forex: EUR/CHF retraces from highs, around 1.2330

The Swiss franc is trimming earlier gains vs. the single currency on Tuesday, pushing the pair from the boundaries of 1.2280 to the current levels around 1.2330, challenging overnight tops above 1.2340

After a G7 statement regarding the so-called ‘currency war’, Trevor Greetham, Director of Asset Allocation at Fidelity Worldwide Investment, argued, “On one level, this is a slap on the wrist to Japanese ministers talking about specific levels but it allows them to carry on with policies aimed at creating domestic inflation. You could argue the clear FX manipulators out there are the Swiss with the SNB’s Jordan saying today that the Swiss franc’s 1.20 cap against the euro is still in place, the franc will weaken further and they stand ready to take further measures”.

At the moment, the cross is posting marginal losses at 1.2332 or 0.02%.
Next support levels line up at 1.2255 (lows Feb.8/11) ahead of 1.2200 (psychological level) and then 1.2187 (low Jan.14).
On the upside, a break above 1.2356 (high Feb.12) would expose 1.2369 (high Feb.6) and then 1.2505 (high Feb.4).

SNB's Jordan: Franc cap to remain in place

Swiss National Bank chairman Thomas Jordan reaffirmed today that the EUR/CHF peg would remain the central bank's firm policy and that the franc would continue weakening. He added that he did not see immediate inflation woes.
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European equity markets advance Tuesday

European equity markets notched modest gains Tuesday, as market participants digest the recent G7 statement and eye the vaunted ECB President Draghi Speech at 15:30 GMT later today.
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