EUR/CHF can move higher
EUR/CHF tested yesterday support at 1.2310 and recovered to 1.2350 where it met some resistance. The pair has been rising from Sept. low at 1.2214 and peaked at 1.2375 on Oct. 10.
Analysts at Standard Chartered point out that the relative appeal of the Swiss franc against the euro as a safe-haven currency has fallen sharply. The specialists think that as the US has resolved its financial problems for now, this will help EUR/CHF to take another leg higher.
Commerzbank says the pair will be able to retest 1.2372/81 as long as 55- and 200-day MA at 1.2323/20 support the price. On the upside targets lie at 1.2400/15 and 1.2435. A decline below the mentioned support will cause a decline to 1.2280/66 and 1.2217/15.
Chart. Daily EUR/CHF