#EURCHF @ 0.96889 ECB raises rates by 75 bps, will hike further. (Pivot Orderbook analysis)

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• ECB raises rates by 75 bps, will hike further.
• Euro tumbles after Lagarde’s press conference.
• EUR/CHF hits ten-day lows, finds support above 0.9660.

The pair currently trades last at 0.96889.

The previous day high was 0.9781 while the previous day low was 0.9729. The daily 38.2% Fib levels comes at 0.9761, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9749, expected to provide resistance.

The EUR/CHF tumbled following the European Central Bank meeting and after Lagarde’s press conference. The cross bottomed at 0.9661, the lowest level since August 29.

The combination of a weaker euro and a stronger Swiss franc across the board sent the EUR/CHF sharply lower. The decline found support above 0.9660 and it is hovering slightly below 0.9700, back above the flat 20-day Simple Moving Average, currently at 0.9680.

As expected, the ECB raised interest rates by 75 basis points and said it expects more rate hikes at their next meetings. Lagarde noted that more than two but less than five meetings are ahead to get to the end of the cycle. “We expect another 75bp hike in October. The central bank remains relatively optimistic on the growth outlook. We see higher rates, a flatter curve and a weaker EUR ahead”, said analysts at Nordea.

The Swiss franc was among the top performer prior to the ECB decision and it remained strong afterwards. The USD/CHF is hovering around 0.9730, down for the second day in a row, at the lowest level since late August.

Technical Levels: Supports and Resistances

EURCHF currently trading at 0.9695 at the time of writing. Pair opened at 0.9774 and is trading with a change of -0.81 % .

The pair is trading above its 20 Daily moving average @ 0.9686, below its 50 Daily moving average @ 0.9781 , below its 100 Daily moving average @ 1.0043 and below its 200 Daily moving average @ 1.0195

The previous day high was 0.9781 while the previous day low was 0.9729. The daily 38.2% Fib levels comes at 0.9761, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9749, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9741, 0.9709, 0.9689
• Pivot resistance is noted at 0.9793, 0.9814, 0.9846

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