Back
17 Sep 2013
EUR/CHF initially bouncing on great ZEW but soon reversed back
FXstreet.com (Athens)- The EUR/CHF was pushed upwards after the up beating ZEW data, but very soon erased all of its gains returning to the prior area.
EUR/CHF moves little despite EU power horse released solid ZEW figure
The single currency was just initially boosted after much better than expected data were released across the board. It is noteworthy that despite the Euro zone optimism that led to really impressive ZEW data, the positive numbers did nothing more, but sparking a minor upward move that lasted a few minutes.
Technical Outlook and Strategic Bias on EUR/CHF
The pair should manage to break the 1.2435 (15th of August high), if risk-appetite gets back in track. For the time being, traders should have into deep consideration, that the 200-DMA has underpinned the cross year up to date, thus it is regarded as the absolute technical barometer. Karen Jones, Head Technical Analyst at Commerzbank suggests “the August high at 1.2435 in focus. Last week EUR/CHF saw a strong rebound off its 200 day moving average at 1.2295 and
briefly hit the 1.2400 mark – the market is attempting to gain a foot hold above here. The 1.2435 August high is thus in the picture, followed by the 1.2466 July high. Intraday dips should find some
support at 1.2336/1.2295, around the 200 day ma. Only once the next higher 1.2466 July high has been bettered, will the 1.2545/57 region be eyed.”
EUR/CHF moves little despite EU power horse released solid ZEW figure
The single currency was just initially boosted after much better than expected data were released across the board. It is noteworthy that despite the Euro zone optimism that led to really impressive ZEW data, the positive numbers did nothing more, but sparking a minor upward move that lasted a few minutes.
Technical Outlook and Strategic Bias on EUR/CHF
The pair should manage to break the 1.2435 (15th of August high), if risk-appetite gets back in track. For the time being, traders should have into deep consideration, that the 200-DMA has underpinned the cross year up to date, thus it is regarded as the absolute technical barometer. Karen Jones, Head Technical Analyst at Commerzbank suggests “the August high at 1.2435 in focus. Last week EUR/CHF saw a strong rebound off its 200 day moving average at 1.2295 and
briefly hit the 1.2400 mark – the market is attempting to gain a foot hold above here. The 1.2435 August high is thus in the picture, followed by the 1.2466 July high. Intraday dips should find some
support at 1.2336/1.2295, around the 200 day ma. Only once the next higher 1.2466 July high has been bettered, will the 1.2545/57 region be eyed.”