EURCHF currency pair continues to push towards resistance area above as seen in the chart of the 7 December EURCHF Technical Forecast. ECB’s QE programme is likely to cause persistent selling pressures on the euro, which should weigh on the pair.
7 December, Swissquote – Economic data will very much remain the focus on Thursday. On the monetary policy front, investors await European Central Bank (ECB) President Mario Draghi who is due to deliver a speech at 16:00 GMT. Draghi’s remarks will pique the interest of investors now that the ECB is embarking on a path of policy normalization.
7 December EURCHF Technical Forecast
• EUR/CHF continues to push towards resistance area above 1.17 and support given at 1.1610 (27/10/2017 low). Expected to show a continued increase.
• In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB’s QE programme is likely to cause persistent selling pressures on the euro, which should weigh on
EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).
This article ‘ 7 December EURCHF Technical Forecast ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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