EUR/USD rises on Ukraine ceasefire hopes; GBP/USD and USD/CHF react
EUR/USD advanced 0.4% to 1.0925 as geopolitical tensions eased on reports of potential Ukraine ceasefire negotiations. The euro strengthened across the board, with EUR/GBP gaining 0.2% to 0.8465, as risk sentiment improved markedly. Safe-haven flows reversed, pressuring USD/CHF down 0.5% to 0.8875 as Swiss franc demand waned. GBP/USD also benefited from dollar weakness, climbing 0.3% to 1.2680. The shift in market dynamics reflects reduced geopolitical risk premium, encouraging traders to unwind defensive positions. European currencies are outperforming as regional stability prospects improve. Technical analysis shows EUR/USD breaking above the 1.0900 resistance, targeting 1.0950 next. Support levels for the pair sit at 1.0880. Sustained de-escalation could further support risk-on positioning, potentially pressuring the dollar and yen while boosting commodity currencies.
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