SNB Jordan: Price stability does not happen automatically. EURCHF lower on the day.

SNBs Jordan is on the wires saying:

• Price stability does not happen automatically.
• We are seeing no wage spiral in Switzerland
• Swiss inflation is currently above the level of price stability and may stay raised for the time being
• focus on the SNB is on limiting second-round effects of inflation
• cannot rule out that SNB will have to raise rates further
• central bank is ready to be active in currency markets when necessary

The EURCHF has seen the price move down today, helped lower by the EURUSD's fall. Looking at the hourly chart, the pair was consolidating just below the 100 hour MA in the European session (see blue line on the chart below). Seller leaned near the 100 hour MA and kept a lid on the pair.

The fall in the EURCHF EUR/CHF EUR/CHF is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the Swiss franc of Switzerland (code CHF). The pair’s rate indicates how many Swiss francs are needed in order to purchase one euro. For example, when the EUR/CHF is trading at 1.1000, it means 1 euro is equivalent to 1.1 Swiss francs. The euro (EUR) is the world’s second most traded currency, while the Swiss franc (CHF) is the world’s sixth most traded currency, resulting in a com EUR/CHF is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the Swiss franc of Switzerland (code CHF). The pair’s rate indicates how many Swiss francs are needed in order to purchase one euro. For example, when the EUR/CHF is trading at 1.1000, it means 1 euro is equivalent to 1.1 Swiss francs. The euro (EUR) is the world’s second most traded currency, while the Swiss franc (CHF) is the world’s sixth most traded currency, resulting in a com Read this Term - on the overall EUR selling through the Lagarde press conference - saw the price extend below the low from Tuesday's trade at 0.99416, but fall short of the 200 day moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term down at 0.99213 (see lower green line on the chart above). The low price for the day reach 0.9934 before bouncing back higher. The current price trades at 0.9960.

What next?

On the top side, traders will be eyeing the 0.99699 level. That level is home to the 50% midpoint of the move up from the January 19 low. Move back above that level would give the dip buyers some added confidence.

On the downside move back below 0.9935 – 0.9941 swing area would have traders looking toward the 200 day moving average of 0.99213. He moved back below the 200 day moving average would increase the bearish bias (lower green line on the chart above).