EUR/CHF gains traction, eyes 1.11

The shared currency is now picking up further pace vs. the Swiss franc, lifting EUR/CHF to test highs near 1.1100 the figure.

EUR/CHF supported around 1.1050

The cross is posting gains after two consecutive losses, looking to recover recent 3-month peaks above the 1.1100 handle posted on Friday.

News from the Alpine economy showed unemployment rate at a seasonally adjusted 3.5% during April, adding to yesterday’s higher-than-expected consumer prices during the same period. Back to the euro area, German Industrial Production missed consensus in March, while trade surplus has come in above expectations.

EUR/CHF significant levels

As of writing the cross is up 0.27% at 1.1084 and a breakout of 1.1108 (high May 6) would open the door to 1.1172 (high Jan.29) and then 1.1211 (2016 high Feb.4). On the other hand, the immediate support aligns at 1.0995 (20-day sma) ahead of 1.0948 (low Apr.29) and finally 1.0906 (200-day sma).