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16 Sep 2013
EUR/CHF under pressure on ECB’s Merch comments
FXstreet.com (Athens)- The EUR/CHF is under high pressure for a fourth consecutive day, ahead of a light calendar day.
EUR/CHF sitting on the fence ahead of Draghi’s speech at the SME conference in Berlin
The EUR/CHF is currently under heavy pressure on both ECB’s Merch and Praets comments suggesting that “Europe is lagging in the global recovery cycle” and “Eurozone recovery is still fragile and monetary policy aims at remaining accommodative,” respectively. What’s more we are ahead of some significant Euro land news today, as at 9:00 GMT hours we have Euro zone data release, while at 8:00 GMT hours July's Italian Trade Balance data will be released. Needless to say, the highlight of Monday, is that ECB’s President Mario Draghi is scheduled to speak at the SME conference in Berlin at 8:00 GMT.
Technical Outlook and Strategic Bias on EUR/CHF
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 sitting on the fence ahead of Draghi’s speech at the SME conference in Berlin
The EUR/CHF is currently under heavy pressure on both ECB’s Merch and Praets comments suggesting that “Europe is lagging in the global recovery cycle” and “Eurozone recovery is still fragile and monetary policy aims at remaining accommodative,” respectively. What’s more we are ahead of some significant Euro land news today, as at 9:00 GMT hours we have Euro zone data release, while at 8:00 GMT hours July's Italian Trade Balance data will be released. Needless to say, the highlight of Monday, is that ECB’s President Mario Draghi is scheduled to speak at the SME conference in Berlin at 8:00 GMT.
Technical Outlook and Strategic Bias on EUR/CHF
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.”