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Forex: EUR/CHF extends its correction, around 1.2350/55

The Swiss franc resumed its appreciation against the single currency on Monday, as risk aversion is dominating the global markets, currently in the mid 1.2300s after a failed attempt to reach 1.2400 overnight.

“EURCHF has lagged the move higher in the euro crosses, remaining pinned at 1.24. This points to ongoing investor caution in Switzerland about the Eurozone's crisis. In addition Switzerland's still high current account surplus is capping the cross… We think EURCHF will remain supported on dips towards 1.22-1.23 given the improvement in Eurozone sentiment for now”, assessed M.Mohi-uddin, Director of FX Strategy at UBS.

At the time of writing, the pair is losing 0.40% at 1.2349 facing the immediate support at 1.2322 (Lower Bollinger) ahead of 1.2307 (low Feb.1).
On the upside, a break above 1.2483 (Upper Bollinger) would clear the way to 1.2515 (high Jan.29).

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