Forex: EUR/CHF eases off highs to 1.2334/38

FXstreet.com (Barcelona) - The EUR/CHF has been trading sideways in recent minutes during European trading, despite an earlier jump that sent the pair as high as 1.2347 (session high) Thursday. In these moments however, the cross has eased slightly to 1.2334/38, notching a modest gain of +0.06% on the day.

Mataf.net analysts calculate the means of resistive correction at 1.2368, onto 1.2397, and finally 1.2450. Conversely, a break below the 1.2286 support will initiate additional measures at 1.2233 and 1.2204.

According to the UBS Research Team, “There has been speculation that the SNB would raise its floor target to 1.25 for the EUR/CHF. We believe the central bank has no intention of 'fine-tuning' its exchange rate policy given continuing deflation in Switzerland, uncertainty about the Eurozone's debt crisis and the risks that such a move would invite international criticism.”