Technical analysts at Commerzbank expect the single currency to break above the 1.3030 trading versus Swiss franc. This level represents 50% Fibonacci retracement level from its October/July minimum.

The specialists believe that euro will be able to hold these gains. In their view, the pair EUR/CHF will advance to the 200-day MA at 1.3437.

According to Commerzbank, as Swiss National Bank President Philipp Hildebrand claimed yesterday that the risk of deflation has largely disappeared, the central bank will conduct no currency interventions in the foreseeable future. The strategists regard Hildebrand’s comments that the stability of the euro-zone is decisive for the franc as the sign of SNB’s helplessness.



Chart. Daily EUR/CHF

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