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12 Sep 2013
EUR/CHF congested at 1.2383 area
FXstreet.com (Athens)- The EUR/CHF is hovering at a very tight range at the area as of 1.2383, having failed to remain above 1.2400 handle.
The EUR/CHF at a tight range sitting on the fence ahead of ECB’s Draghi conference
The EUR/CHF is moving in a confined area, after having failed to remain above 1.2400 area. Yesterday’s comment on behalf of EU’s official Barroso , mostly put the pair under pressure. Barroso stated that “Unemployment the most pressing problem. Credit not flowing sufficiently,” and that “Debt crisis is not over, policymakers must not be complacent but yield spreads are coming down and trust is returning.” A bit earlier news wires around the globe said that according to Moody’s “Euro zone growth likely to lead to fewer corporate rating downgrades.”
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2383, up 0.01%. It is of great importance to point out that the pair should overcome the mid-term downtrend pattern of the 1.2410 area, in order to move on closer to 1.2500 handle. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2434, 1.2459 and 1.2490, respectively.
The EUR/CHF at a tight range sitting on the fence ahead of ECB’s Draghi conference
The EUR/CHF is moving in a confined area, after having failed to remain above 1.2400 area. Yesterday’s comment on behalf of EU’s official Barroso , mostly put the pair under pressure. Barroso stated that “Unemployment the most pressing problem. Credit not flowing sufficiently,” and that “Debt crisis is not over, policymakers must not be complacent but yield spreads are coming down and trust is returning.” A bit earlier news wires around the globe said that according to Moody’s “Euro zone growth likely to lead to fewer corporate rating downgrades.”
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2383, up 0.01%. It is of great importance to point out that the pair should overcome the mid-term downtrend pattern of the 1.2410 area, in order to move on closer to 1.2500 handle. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2434, 1.2459 and 1.2490, respectively.