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Buy the Dip in EUR/CHF?

Buy the Dip in EUR/CHF?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • SNB introduces negative deposit rates
  • SNB remains very committed to the floor at 1.2000

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

The Swiss National Bank announced on Thursday that they are going to introduce negative interest rates on deposits (-0.25%) in an effort to make the Franc less attractive. The timing of the move was a bit strange as the SNB held its quarterly policy meeting just last week. If they were going to go through with such a step wouldn’t it have made sense to announce it then? Clearly the move was reactionary and our guess is that the ongoings in the Ruble and its related flow impact probably put the cross under more stress than they had anticipated which in turn forced the Bank to act when it did. Whatever the case may be, the SNB’s commitment to the 1.2000 floor in EUR/CHF is clearer than ever (it is also worth noting that the SNB confirmed they had been intervening in the cross in recent days). At some point we believe market forces will force the SNB to abandon the floor, but that looks a long way off. We like buying EUR/CHF around these levels, with a stop around the lows of the week.

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EUR/CHF Chart: December 19, 2014

Buy the Dip in EUR/CHF?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Week Ahead:

Buy the Dip in EUR/CHF?

LEVELS TO WATCH

Resistance: 1.2045 (Dec 2nd High), 1.2095 (MTD high)

Support: 1.2010 (Gann), 1.2000 (Floor)

Strategy: Buy EUR/CHF

Entry: Buy EUR/CHF at 1.2030

Stop: 1.2004

Target: 1.2100

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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