1 Aug 2013
EUR/CHF soars to weekly highs
FXstreet.com (Chicago) - EUR/CHF soared to weekly highs at 1.2371 driven by all-time high in Wall Street and positive manufacturing and job market data.
Earlier Thursday, the European Central Bank determined to keep its lending rate at 0.5% as President Mario Draghi implied there was no deflation improvement on any of the Euro-zone countries. In Switzerland, banks were closed due to national holiday.
Price action indicated pair was held at strong resistance at 1.2371 for small retracement on upward move. Trading at 1.2370 at moment of writing, the pair had broken through resistance at 1.2369 (July 3 highs), followed by 1.2371 (July 1 highs) and 1.2373 (July 17 highs). Supports were at 1.2362 (July 25 highs), 1.2364 (July 20 highs), 1.2367 (July 12 highs). Up 0.40% since opening, the FXstreet technical studies indicated pair was slightly bullish as it traded above all MAs for short and long hauls. Consolidating trend reading, the MACD indicator pointed up for one-hour timeframe analysis.
Earlier Thursday, the European Central Bank determined to keep its lending rate at 0.5% as President Mario Draghi implied there was no deflation improvement on any of the Euro-zone countries. In Switzerland, banks were closed due to national holiday.
Price action indicated pair was held at strong resistance at 1.2371 for small retracement on upward move. Trading at 1.2370 at moment of writing, the pair had broken through resistance at 1.2369 (July 3 highs), followed by 1.2371 (July 1 highs) and 1.2373 (July 17 highs). Supports were at 1.2362 (July 25 highs), 1.2364 (July 20 highs), 1.2367 (July 12 highs). Up 0.40% since opening, the FXstreet technical studies indicated pair was slightly bullish as it traded above all MAs for short and long hauls. Consolidating trend reading, the MACD indicator pointed up for one-hour timeframe analysis.