SUBSCRIBE TO FEEDFXstreet.com (Barcelona) – The Euro is performing a spectacular rally against the Swiss Franc on the back of a suspected SNB intervention, as the pair has surged about 300 pips in three hours jumping from 1.4000 area to session high at 1.4305.
Above 1.4300/05 session high, the pair might find resistance at 1.4320 (Apr 28 low) and 1.4365 (Apr 27 high). On the downside, support levels lie at 1.4125/30 (intra-day level, and below here, 1.4120 and 1.4070.
As usual, the Swiss National Bank has not made any comment about the suspected intervention,although news by Bloomberg mention the possibility of massive CHF selling by the Bank in order to weaken the currency and support the country’s economic recovery.
For more information, read our latest forex news.
