EUR/CHF climbs to 1.0930 levels, its highest since December 2019
The franc is the weakest performer on the day and while the currency itself doesn’t gather too much attention in the major currencies space these days, it is still tough to ignore key technical developments when they do come about.
There hasn’t been much fresh drivers for the move here besides the broader talk of reflation and improving global economic prospects amid vaccine optimism.
In that lieu, as Adam pointed out over the weekend, there has been a developing trend in the FX market since the start of the year. Looking at the year-to-date performance:
The franc is sitting at the bottom of the pile alongside the yen as it perhaps starts to rediscover its funding currency status for riskier trades in this market landscape.
Going back to EUR/CHF, holding a firm break of the June high @ 1.0915 sets the platform for a potential shove higher towards 1.1000 next.