EUR/CHF flat, wobbles around 1.1150

FXStreet (Edinburgh) - The Swiss franc is advancing marginally vs. its European peer on Thursday, taking EUR/CHF to the area of recent highs around 1.1150.

EUR/CHF stronger on EUR-buying

The cross is advancing for the seventh week in a row, and remains on its way to challenge recent highs in the 1.1170 area following a softer tone in the Swiss currency and a somewhat firm sentiment gyrating around EUR. In addition, one could not rule out the ‘hand’ of the SNB behind this uninterrupted upside as well.

While ECB’s Draghi and Mersch will keep investors entertained during the European morning, Switzerland’s Consumer Climate tracked by SECO has come in at -14 for the first quarter, bettering estimates at -15 and up from the previous -18.

EUR/CHF significant levels

At the moment the cross is losing 0.04% at 1.1153 with the immediate support at 1.1001 (20-day sma) followed by 1.0897 (55-day sma) and then 1.0885 (100-day sma). On the upside, a break above 1.1172 (high Jan.29) would expose 1.1200 (psychological level).

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This week has been nightmarish for the European stock markets. All major European bourses yesterday ended lower, falling between 1.3 to 1.5 percent. Most sectors were in red by the end of the day. This fall has been been led by decline in share prices of energy companies mostly Oil major BP reported an annual loss of $6.5 billion in 2015 which is its worst in 20 years. Its revenue report caused its shared to drop around 9 per cent. Other energy sector leaders like ENI folowed suit. The share price fall seen in the energy sector was closely followed by the dismal performance of the banking sector where the big players saw huge fall in shares post the announcement of their revenue drop. Performance of a host of lenders in the Stoxx Europe 600 Index was at their worst, hitting the lowest level since 2012.