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EURCHF: 65 pips higher following SNB decision - key 50-dma EMA approached

EURCHF
  • EURCHF moves from 0.9279 to a high of 0.9344 - a 65 pip move higher on the back of the SNB 50bp rate cut and downgraded CPI projections.
  • This has broken us through the 20-day EMA at 0.9315 to trade a little below the 50-day EMA at 0.9355. Our technical analyst notes that the area between these two EMAs marks a key resistance zone. A clear break of the 50-day EMA would signal a stronger reversal.

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