EUR/CHF breaks above 1.1000, to 1-year highs

EUR/CHF rose above the 1.1000 handle for the first time in months. The pair is headed toward the seventh daily gain out of the last nine trading days. Last week it broke a key technical resistance around 1.0950/60 and today is rising on top of 1.1000. 

The euro was moving with a bullish bias against the Swiss franc and last week it gained more strength, after the release of the minutes from the latest European Central Bank meeting. The mention of discussions about removing the “easing bias”, triggered a slide of European bonds, sending yields higher. The bond market boosted the euro. 

EUR/CHF rose further today. The price peaked at 1.1018, the highest since June 7, 2016. Then pulled back modestly and it is trading at 1.1005/10, 175 pips above last month lows. 

Levels to watch 

To the upside, resistance levels might be located at 1.1015/20 (daily high), 1.1035  and 1.1060. On the flip side, support could be seen at 1.0995/1.1000 (last week high), 1.0930 (Jul 4 & 5 low) and 1.0905 (20-day moving average).