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5 Jun 2014
EUR/CHF retracing morning declines through Draghi presser
FXStreet (London) - Despite a morning decline to post a low at 1.2180 following the ECB rate cut, EUR/CHF has climbed and recovered morning losses during ECB President Draghi’s press conference.
So far Draghi has highlighted a combination of accommodative measures in preparation, including the preparation of QE, further LTROs and the suspension of the sterilisation of SMP proceeds. The governing council decision was unanimous and will take swift action if necessary. Further, Draghi has commented that the council will intensify preparations for further QE.
EUR/CHF’s recent climb made a near term peak at 1.2203 before easing back to where we are presently trading at 1.2199. On a four hour chart we can see that the 200 SMA is combining with the psychological level to provide a layer of resistance.
So far Draghi has highlighted a combination of accommodative measures in preparation, including the preparation of QE, further LTROs and the suspension of the sterilisation of SMP proceeds. The governing council decision was unanimous and will take swift action if necessary. Further, Draghi has commented that the council will intensify preparations for further QE.
EUR/CHF’s recent climb made a near term peak at 1.2203 before easing back to where we are presently trading at 1.2199. On a four hour chart we can see that the 200 SMA is combining with the psychological level to provide a layer of resistance.