1 Aug 2013
EUR/CHF range-bound around 1.2320
FXstreet.com (Edinburgh) -The EUR/CHF is trading almost unchanged on Thursday, hovering over 1.2315/20 ahead of the ECB meeting due later.
EUR/CHF extends the decline
The cross is netting a negative week so far, trading in levels last seen in early July as the single currency remains in a consolidative pattern. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is attempting to rebound circa 1.2300 but directly overhead lies the downtrend at 1.2406 and while this caps the topside, there is a risk of a slide back to the 200 day ma at 1.2251”.
EUR/CHF relevant levels
The cross is losing 0.04% at 1.2317 at the moment, with the next support at 1.2305 (low Jul.31) ahead of 1.2278 (low Jul.3) and finally 1/2260 (low Jun.27). On the flip side, a surpass of 1.2354 (high Jul.30) would target 1.2384 (high Jul.25) en route to 1.2403 (high Jul.15/16/24).
EUR/CHF extends the decline
The cross is netting a negative week so far, trading in levels last seen in early July as the single currency remains in a consolidative pattern. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is attempting to rebound circa 1.2300 but directly overhead lies the downtrend at 1.2406 and while this caps the topside, there is a risk of a slide back to the 200 day ma at 1.2251”.
EUR/CHF relevant levels
The cross is losing 0.04% at 1.2317 at the moment, with the next support at 1.2305 (low Jul.31) ahead of 1.2278 (low Jul.3) and finally 1/2260 (low Jun.27). On the flip side, a surpass of 1.2354 (high Jul.30) would target 1.2384 (high Jul.25) en route to 1.2403 (high Jul.15/16/24).