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14 Aug 2013
EUR/CHF threatening 1.2400
FXstreet.com (Edinburgh) -The EUR/CHF is extending its violent upside since Monday, climbing more than 100 pips from the boundaries of 1.2300 the figure.
EUR/CHF in 5-week highs
The cross is reverting the gradual downside from early July peaks beyond 1.2450 to last week’s lows below 1.2270. Data-wise, the ZEW Survey – Expectations in the Swiss economy climbed to 7.2 for the month of August, beating July’s 4.8 although coming in short of estimates. Strategists Geoffrey Yu and Gareth Berry at UBS remain bearish on the cross, arguing, “With the trending and momentum pointing lower potential remains for further downside. Support is at 1.2268 ahead of 1.2219. Upside should be limited with a strong resistance is at 1.2348”.
EUR/CHF levels to consider
At the moment the cross is up 0.26% at 1.2408 with the next resistance at 1.2461 (high Jul.11) followed by 1.2466 (high Jul.9) and finally 1.2485 (61.8% of 1.2650-1.2217). On the downside, a break below 1.2366 (low Aug.14) would aim for 1.2336 (low Aug.13) and then 1.2315 (low Aug.13).
EUR/CHF in 5-week highs
The cross is reverting the gradual downside from early July peaks beyond 1.2450 to last week’s lows below 1.2270. Data-wise, the ZEW Survey – Expectations in the Swiss economy climbed to 7.2 for the month of August, beating July’s 4.8 although coming in short of estimates. Strategists Geoffrey Yu and Gareth Berry at UBS remain bearish on the cross, arguing, “With the trending and momentum pointing lower potential remains for further downside. Support is at 1.2268 ahead of 1.2219. Upside should be limited with a strong resistance is at 1.2348”.
EUR/CHF levels to consider
At the moment the cross is up 0.26% at 1.2408 with the next resistance at 1.2461 (high Jul.11) followed by 1.2466 (high Jul.9) and finally 1.2485 (61.8% of 1.2650-1.2217). On the downside, a break below 1.2366 (low Aug.14) would aim for 1.2336 (low Aug.13) and then 1.2315 (low Aug.13).