22 Oct 2013
EUR/CHF consolidates around 1.2350 area
FXstreet.com (Athens) – The EUR/CHF is trading slightly upwards during the European trading session at a confined range, but also maintaining an uptrend momentum.
EUR/CHF hovers around 1.2350; will the cross test the 1,2400 handle in the coming days?
The EUR/CHF has been trading steadily upwards since the early kick off of Asian trading session but mostly being caught in a very tight congested range. However the pair has gained an immensely bullish uptrend momentum as it is hovering at 1.2350 well above the confluence of the 200 – daily SMA (1.2316), 50 – daily EMA (1.2321) and the 20 – daily EMA (1.2321) at the area as of 1.2316-1.2321. The pair seems to sit on the fence before the NFP-data but in case that data release encourage risk-on sentiment, the cross should overcome the barrier as of 1.2387 (the downtrend line from July) to move above the 1.2400 handle.
Technical Analysis on EUR/CHF
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “With EUR/CHF still capped by the 1.2380 resistance line, the near term risk remains on the downside. However it should be noted that the intraday charts are suggesting that this will be challenged. Support below 1.2324/21 can be seen around the 1.2278/66 August lows ahead of the 1.2217/15 June and September lows. Further range trading between 1.2400 and 1.2200 remains on the cards over the coming days.”
EUR/CHF hovers around 1.2350; will the cross test the 1,2400 handle in the coming days?
The EUR/CHF has been trading steadily upwards since the early kick off of Asian trading session but mostly being caught in a very tight congested range. However the pair has gained an immensely bullish uptrend momentum as it is hovering at 1.2350 well above the confluence of the 200 – daily SMA (1.2316), 50 – daily EMA (1.2321) and the 20 – daily EMA (1.2321) at the area as of 1.2316-1.2321. The pair seems to sit on the fence before the NFP-data but in case that data release encourage risk-on sentiment, the cross should overcome the barrier as of 1.2387 (the downtrend line from July) to move above the 1.2400 handle.
Technical Analysis on EUR/CHF
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “With EUR/CHF still capped by the 1.2380 resistance line, the near term risk remains on the downside. However it should be noted that the intraday charts are suggesting that this will be challenged. Support below 1.2324/21 can be seen around the 1.2278/66 August lows ahead of the 1.2217/15 June and September lows. Further range trading between 1.2400 and 1.2200 remains on the cards over the coming days.”