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7 Jan 2014
EUR/CHF moves to multi month highs
FXstreet.com (Barcelona) - It has been one way traffic for EUR/CHF today, with spot surging from an opening low of 1.2314, to post a high where it is presently trading at 1.2365.
EUR/CHF trading at highs since late October
EUR/CHF is trading at highs since October 30, following the combination of a Swiss Foreign Currency reserves beating expectations and disappointing German Unemployment and Eurozone CPI data. Swiss reserves declined from previous at CHF 435.7B to CHF 435.2B, but beat forecasts of CHF 435B, while German Unemployment change increased 15k against expectations of 0. The German Unemployment rate remain static at 6,9%, while Eurozone CPI dropped to 0.8% from 0.9% previous and expected. As deflationary concerns arise, so does currency appreciation, and unlike in EUR/USD where the tapering project has acted as a natural sentiment offset to EUR upside, EUR/CHF has climbed.
What are todays key EUR/CHF levels?
Hourly RSI sits at 75, moving into overbought territory, while ADX is neutral at 23. The daily pivot point sits at 1.2318, with 1.2339 (R1) and 1.2356 (R2) flipped to provide support. Pivot resistance above can be seen at 1.2369-70 (Oct 29-30 Highs), 1.2374 (Oct 15 High), and 1.2377 (R3). Traders eyes will be closely watching the 1.2400-37 range, as should spot break above the weekly PP R3 mark, there is little in the way to stop spot breaking further ahead.
EUR/CHF trading at highs since late October
EUR/CHF is trading at highs since October 30, following the combination of a Swiss Foreign Currency reserves beating expectations and disappointing German Unemployment and Eurozone CPI data. Swiss reserves declined from previous at CHF 435.7B to CHF 435.2B, but beat forecasts of CHF 435B, while German Unemployment change increased 15k against expectations of 0. The German Unemployment rate remain static at 6,9%, while Eurozone CPI dropped to 0.8% from 0.9% previous and expected. As deflationary concerns arise, so does currency appreciation, and unlike in EUR/USD where the tapering project has acted as a natural sentiment offset to EUR upside, EUR/CHF has climbed.
What are todays key EUR/CHF levels?
Hourly RSI sits at 75, moving into overbought territory, while ADX is neutral at 23. The daily pivot point sits at 1.2318, with 1.2339 (R1) and 1.2356 (R2) flipped to provide support. Pivot resistance above can be seen at 1.2369-70 (Oct 29-30 Highs), 1.2374 (Oct 15 High), and 1.2377 (R3). Traders eyes will be closely watching the 1.2400-37 range, as should spot break above the weekly PP R3 mark, there is little in the way to stop spot breaking further ahead.