20 Aug 2013
EUR/CHF is trading over 1.2300 area, at 1.2324 up 0.02%
FXstreet.com (Athens) - EUR/CHF is trading at a tight range ahead of light economic calendar
A classic risk off day for EUR/CHF
The data from the Euro zone today is not expected to be a huge market mover. Despite signs that the region is recovering from a six quarter contraction, traders continue to remain relatively wary of any upside potential for the single currency as the consensus seems to be that the ECB will have to be more specific about its forward guidance. Furthermore, we already had PPI data from Germany this morning, which has come in lower than expected. On the other hand, yesterday Germany’s Bundesbank made some hawkish comments that kept the euro supported throughout the day and so upside resistance levels remain in focus. German Finance Minister Schaeuble says ‘Greece won't have a second debt cut, as the original one was unique’ and that ‘ EU needs progress on a political union’.
EUR/CHF Key levels
EUR/CHF is currently trading at 1.2325, with the high of the day at 1.2335. The FXstreet.com Trend Index shows the pair to be slightly bullish, while RSI being in overbought levels. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2347, 1.2378 and 1.2409, respectively.
A classic risk off day for EUR/CHF
The data from the Euro zone today is not expected to be a huge market mover. Despite signs that the region is recovering from a six quarter contraction, traders continue to remain relatively wary of any upside potential for the single currency as the consensus seems to be that the ECB will have to be more specific about its forward guidance. Furthermore, we already had PPI data from Germany this morning, which has come in lower than expected. On the other hand, yesterday Germany’s Bundesbank made some hawkish comments that kept the euro supported throughout the day and so upside resistance levels remain in focus. German Finance Minister Schaeuble says ‘Greece won't have a second debt cut, as the original one was unique’ and that ‘ EU needs progress on a political union’.
EUR/CHF Key levels
EUR/CHF is currently trading at 1.2325, with the high of the day at 1.2335. The FXstreet.com Trend Index shows the pair to be slightly bullish, while RSI being in overbought levels. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2347, 1.2378 and 1.2409, respectively.