A more positive risk appetite is helping, as Trump looks to be using tariffs as a negotiating tactic more so than any real "all hell breaks loose" scenario. Besides that, he also looks to be playing the mediator in the Russia-Ukraine conflict - or at least that's how it looks from the outside here.
When Russia invaded Ukraine in February 2022, the pair was trading around 1.0600. That saw a major drag on the pair towards 0.9400 by September 2022, among other factors of course; not least with the SNB also hiking rates at the time.
It will be a major weight lifted over risk sentiment in Europe, even if the overhang isn't as bad in the last two years. I'm not opposed to a risk rally, more so than what we're already seeing in European stocks to start the year. But in the case of EUR/CHF, it could provide the right kind of technical trigger for the pair to come up for a bit of air.
But at least for now though, as we await that potential development, there's still no real breakout for the pair just yet. However, as mentioned above, it perhaps is one worth keeping an eye out for.
This article was written by Justin Low at www.forexlive.com. Read More Details
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