EUR/CHF surge past 1.1100 to fresh 3-month high

Extending its bid tone throughout the current trading week, the EUR/CHF pair on Friday spiked to a three-month high level of 1.1124.

The pair has been appreciating steadily from its recent lows of 1.0844 touched in April and is now headed for fourth week of advances in the previous six week. The pair is on track for its highest weekly close since the SNB Black Swan event in Jan. 2015.

Friday’s up-move gained traction from an attempted recovery in the EUR/USD major and also from the constant bid tone for the greenback against the Swiss Franc.

At the time of writing, the cross is up around 0.20% and is comfortable trading above 1.1100 handle. From current levels, the cross could be aiming to surpass 2016 highs.

Technical levels to watch

On the immediate upside, Feb. daily closing highs near 1.1150 round figure seems to act as immediate resistance, beyond which the pair could be aiming to test 1.1200 handle.

On the flip side, 1.1100 now become immediate round figure mark support to watch for. Profit taking move below this immediate round figure mark could extend the fall towards 1.1080-70 horizontal support.