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FOREX: EURCHF Pulls Back After Printing Highest Level Since September

FOREX
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  • In the aftermath of the WSJ report induced volatility, EURCHF rose to a near four-month high at 0.9461, notably piercing above the pre-US election highs situated just below the 0.9450 mark. While the cross has pulled back today, price has been consolidating above 0.94 and moving average indicators are turning more bullish in tandem.
  • With this in mind, a cluster of daily highs around the 0.95 handle remain a key target for the move should the Swiss Franc continue to underperform. This might closely coincide with USDCHF returning to cycle highs around 0.9200 and the key medium term resistance area between 0.9224/44.
  • As a reminder last week, Bank of America recommended buying a 3m 0.92/0.9450 USDCHF call spread, citing "trade uncertainty, strong growth and policy divergence" behind a stronger Dollar alongside bullish technical conditions and a forward discount / carry factors supporting the position.
  • The Swiss calendar remains light until CPI data on February 13, with the SNB not meeting again until March 20.
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  • In the aftermath of the WSJ report induced volatility, EURCHF rose to a near four-month high at 0.9461, notably piercing above the pre-US election highs situated just below the 0.9450 mark. While the cross has pulled back today, price has been consolidating above 0.94 and moving average indicators are turning more bullish in tandem.
  • With this in mind, a cluster of daily highs around the 0.95 handle remain a key target for the move should the Swiss Franc continue to underperform. This might closely coincide with USDCHF returning to cycle highs around 0.9200 and the key medium term resistance area between 0.9224/44.
  • As a reminder last week, Bank of America recommended buying a 3m 0.92/0.9450 USDCHF call spread, citing "trade uncertainty, strong growth and policy divergence" behind a stronger Dollar alongside bullish technical conditions and a forward discount / carry factors supporting the position.
  • The Swiss calendar remains light until CPI data on February 13, with the SNB not meeting again until March 20.