10 Oct 2013
EUR/CHF trades consistently higher near 200-daily MA
FXstreet.com (Athens) – The EUR/CHF has been trading consistently above the 1.2300 handle since the kick off of the Asian trading session and now hovering again around the 200-daily MA.
EUR/CHF hovers around 200-daily MA at 1.2312; will the cross manage to break clearly the 1.2317 area?
The EUR/CHF has been trading constantly above 1.2300 key zone since the early trading in the Asian session amidst dismal Euro zone data regarding Italy, France as well as Greece but also within easing worries pertaining to US fiscal melodrama. While everybody starts to consider that - even a short term - raising of the US-debt ceiling will be achieved, the “Swissie” loses its safen haven appeal driving the cross further upwards.
Technical Aspects of EUR/CHF
Our personal aspect of view remains the same; will the cross manage to overcome the 1.2317 area where the 30 daily MA standing over, while also it is just above the crucial 1.2315 level of the Fibonacci retracement as of 1.2215-1.2415? We should take upon major consideration the area as of 1.2312-1.2317 as also in 1.2312 we will find the 200-daily MA. Thus, the upper trend movement should overcome the above reef levels, in order the cross to trade higher. Karen Jones, Head Technical Analyst at Commerzbank mentions that the “EUR/CHF continues to rebound off the 1.2217 June low. Rallies are starting to breach the 1.2312 200 day ma and are probing the
55 day ma at 1,2322. Above here will alleviate immediate downside pressure and target the top of the range at 1.2389.Dips should find support at the 1.2266 August low ahead of the 1.2217 June low.”
EUR/CHF hovers around 200-daily MA at 1.2312; will the cross manage to break clearly the 1.2317 area?
The EUR/CHF has been trading constantly above 1.2300 key zone since the early trading in the Asian session amidst dismal Euro zone data regarding Italy, France as well as Greece but also within easing worries pertaining to US fiscal melodrama. While everybody starts to consider that - even a short term - raising of the US-debt ceiling will be achieved, the “Swissie” loses its safen haven appeal driving the cross further upwards.
Technical Aspects of EUR/CHF
Our personal aspect of view remains the same; will the cross manage to overcome the 1.2317 area where the 30 daily MA standing over, while also it is just above the crucial 1.2315 level of the Fibonacci retracement as of 1.2215-1.2415? We should take upon major consideration the area as of 1.2312-1.2317 as also in 1.2312 we will find the 200-daily MA. Thus, the upper trend movement should overcome the above reef levels, in order the cross to trade higher. Karen Jones, Head Technical Analyst at Commerzbank mentions that the “EUR/CHF continues to rebound off the 1.2217 June low. Rallies are starting to breach the 1.2312 200 day ma and are probing the
55 day ma at 1,2322. Above here will alleviate immediate downside pressure and target the top of the range at 1.2389.Dips should find support at the 1.2266 August low ahead of the 1.2217 June low.”