- SNB is still willing to be active in FX markets
- Very strict about price stability mandate
The EURCHF has been consolidating over the last 10 days mostly between 0.98459 and 0.99248. Today, the price fell back below its 100 day moving average at 0.9871, and stayed below its 200 day moving average of 0.98927. The high price today reached 0.9888 and rotated to the downside.
Closing below the 100 day moving average will tilt the bias more to the downside in the pair. However, there is a lot of support going back to the beginning of December ahead including:
- The low price from last week at 0.98459
- The 38.2% retracement of the move up from the September 2022 low at 0.9831
- A number of lows along a floor area between 0.98148 and 0.98459.
