25 Oct 2013
EUR/CHF struggles with 200-hourly SMA at 1.2335
FXstreet.com (Athens) – The EUR/CHF is trading slightly downwards the last couple of hours, capped by 1.2335, amidst a risk-off sentiment.
EUR/CHF muted; markets shrug off to German IFO,UK GDP data, PBoC tightening on ‘play’
The EUR/CHF is trading steadily congested the last couple of hours, moving amidst a very tight congested range. Nevertheless, the pair has gained an immensely bullish uptrend momentum as it is hovering around 1.2335 well above the confluence of the 200 – daily SMA (1.2314), 50 – daily EMA (1.2320) and the 20 – daily EMA (1.2318) at the area as of 1.2314-1.2320. What’s more, the cross managed to overcome the 1.2300 lows as of Asian trading session, but in case that US durable orders data release encourage risk-on sentiment, the cross should overcome the barrier as of 1.2387 (the downtrend line from July) to move above the 1.2400 handle.
Technical Analysis on EUR/CHF
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “With EUR/CHF still capped by the 1.2376 resistance line, the near term risk remains on the downside. However it should be noted that the intraday charts are suggesting that this downtrend will be challenged.Support can be seen around the 1.2278/66 August lows ahead of the 1.2217/15 June and September lows. Further range trading between 1.2400 and 1.2200 remains on the cards over the coming days.”
EUR/CHF muted; markets shrug off to German IFO,UK GDP data, PBoC tightening on ‘play’
The EUR/CHF is trading steadily congested the last couple of hours, moving amidst a very tight congested range. Nevertheless, the pair has gained an immensely bullish uptrend momentum as it is hovering around 1.2335 well above the confluence of the 200 – daily SMA (1.2314), 50 – daily EMA (1.2320) and the 20 – daily EMA (1.2318) at the area as of 1.2314-1.2320. What’s more, the cross managed to overcome the 1.2300 lows as of Asian trading session, but in case that US durable orders data release encourage risk-on sentiment, the cross should overcome the barrier as of 1.2387 (the downtrend line from July) to move above the 1.2400 handle.
Technical Analysis on EUR/CHF
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “With EUR/CHF still capped by the 1.2376 resistance line, the near term risk remains on the downside. However it should be noted that the intraday charts are suggesting that this downtrend will be challenged.Support can be seen around the 1.2278/66 August lows ahead of the 1.2217/15 June and September lows. Further range trading between 1.2400 and 1.2200 remains on the cards over the coming days.”