Forex Special (Barcelona) - The Euro continues its march-up against a weaker Swiss Franc on Wednesday, after the pair passed 1.3750 resistance area to extend a 1-week high at 1.3780, level not flirted since last July 28. Current price can be found at 1.3778, a 0.22% higher than previous close.
Since EUR/CHF bottomed at 1.3070 record low, the Euro has taken over 700 pips to the upside, aiming to pare losses after the violent fall from 1.5060 last December. That band had been closely watched in the past by the SNB, intervening anytime it was necessary in order to control any Swissy over-appreciation threat.
From a technical standpoint, the 4CAST analysis team commented: “The mkt. has made further progress last 24 hours with prices recently exceeding the 1.3755 resistance. There is no sign of a top yet but a break below 1.3725/30 would be a warning that a correction is underway. Next support is a few pips either side of 1.3700.Next upside target is at 1.3790/95”.