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FXstreet.com (Barcelona) - Stuck at 1.2090 throughout the week, the EUR/CHF moved past the 1.2100 mark on ECB Draghi's upbeat words yesterday and kept rising ahead of Switzerland CPI data. The December inflation report failed to show higher prices, staying at -0.4% (YoY) instead of moving to -0.2% as expected, as the monthly figure dropped -0.2% (vs 0.0% consensus).

On the data release, the EUR/CHF jumped to 1.2175 high. The cross is close to 1.2069 (Dec-5 high) and 1.2185 (Sept-17 high). In France, current account deficit remained at €-2.9B in November, and the Spanish industrial output Cal adjusted fell from -3.1% to -7.2% in November.

"EUR/CHF has shown signs of strength since 5 September 2012, which increases the likelihood of further medium-term strength", wrote MIG Bank analyst Bijoy Kar, targeting 1.2243 while admitting that the 1.20 peg may give in over the long term, as the EUR/USD gathers downside momentum, being too much for the SNB.

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