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EUR/CHF bounces off 1.0950

FXStreet (Edinburgh) - The buying interest around the safe haven CHF is now taking a breather, lifting EUR/CHF to the 1.0960/70 band.

EUR/CHF capped by 1.1000

The upside in the cross has found quite tough resistance around the psychological 1.1000 handle following the no-hike by the Fed at its meeting on Thursday, prompting sellers to step in and drive the cross to lows in the mid-1.0900s.

Nothing in the data front from Switzerland, while EMU’s Current Account surplus is expected to have shrunk to €21.3 billion during July.

EUR/CHF relevant levels

At the moment the cross is losing 0.14% at 1.0961 with the next support at 1.0922 (low Sep.10) ahead of 1.0878 (low Sep.9) and finally 1.0832 (low Sep.7). On the other hand, a break above 1.1011 (high Sep.15) would aim for 1.1049 (high Sep.11) and then 1.1100 (psychological level).

Fed: Tetralogy of hikes to come in 2016 and 2017 – BAML

Research Team at BAML, suggest that after the FOMC failed to hike, and delivered a relatively dovish message, the analysts at BAML see this as a tactical delay and expect the Fed to hike faster than the market is pricing in, with four hikes in both 2016 and 2017. In addition, the team has pushed out their forecast of the first hike to December.
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