Chart of the day - EURCHF (13.02.2024)

10:08 AM 13 February 2024

EURCHF trades around 0.5-0.6% higher today. The pair is supported by CHF weakness triggered by Swiss CPI inflation reading for January, that was released today at 7:30 am GMT. Data showed headline inflation unexpectedly decelerating from 1.7% to 1.3% YoY, while analysts expected it to stay unchanged at 1.7% YoY. On a monthly basis, CPI inflation reached 0.2% MoM (exp. 0.6% MoM). This may pave the way for quicker rate cuts from Swiss National Bank. Money markets are now pricing 70 basis points of rate cuts in full-2024, up from around 62 basis points priced in yesterday. Nevertheless, money markets see less than 20% chance of SNB delivering a 25 bp rate cut at the upcoming meeting in March.

Taking a look at EURCHF chart at D1 interval, we can see that the pair was trading in a bearish channel since the beginning of 2023, spare for a few false breakouts. The pair jumped on today's softer CPI data from Switzerland and managed to break above the upper limit of the channel as well as above a local high from January 22, 2024. As a result, EURCHF is now trading at the highest level since mid-December 2023. The nearest resistance zone to watch can be found ranging below 0.9500 mark. The textbook range of the upside breakout from the channel suggests a possibility of a move towards the 0.9675 resistance zone.

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

Source: xStation5

Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence