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31 Aug 2015
EUR/CHF rebounds from weekly lows and rises above 1.0800
FXStreet (Córdoba) - EUR/CHF is having a strong recovery on Monday and approached a key short term resistance; still remains in ranges.
EUR/CHF rebounds
The pair posted on Friday the lowest daily close in a week and on Monday continued to move to the downside and bottomed at 1.0730, the lowest level since August 20. Afterwards turned to the upside and climbed a hundred pips. During the US session peaked at 1.0850.
Again it is trading near 1.0865/80, the area that capped the upside several times last week. A break above could trigger another rally of the euro.
Negative rates for some time at SNB
During the weekend, Thomas Jordan, Swiss National Bank (SNB) Chairman, said that rates will remain negative for some time given many risks that could trigger more demand for safe-havens boosting the Swiss franc. He reiterated that the currency is clearly overvalued.
EUR/CHF rebounds
The pair posted on Friday the lowest daily close in a week and on Monday continued to move to the downside and bottomed at 1.0730, the lowest level since August 20. Afterwards turned to the upside and climbed a hundred pips. During the US session peaked at 1.0850.
Again it is trading near 1.0865/80, the area that capped the upside several times last week. A break above could trigger another rally of the euro.
Negative rates for some time at SNB
During the weekend, Thomas Jordan, Swiss National Bank (SNB) Chairman, said that rates will remain negative for some time given many risks that could trigger more demand for safe-havens boosting the Swiss franc. He reiterated that the currency is clearly overvalued.