11 Nov 2013
EUR/CHF ready to re-test its 100-daily SMA (1.2329)?
FXstreet.com (Athens) – The EUR/CHF is regaining uptrend momentum the past hour despite the absence of any scheduled data and the dismal Italian production output data released.
The EUR/CHF has been trading well above the 1.2300 handle the most time since the kick off of the Asian trading session, despite the absence of any major news and regardless the dismal released data pertaining to the Italian output production. Briefly,the Italian industrial output fell 3.0% on an annual basis in September, yet roughly in-line with expectations. The EUR/CHF touched earlier instantly its 100-daily SMA at 1.2329 area (daily high), but could not help itself to remain at this level.
Technical Outlook on the EUR/CHF
As long as the EUR/CHF remains above the area of 1.2275 (61.8% Fibonacci retracement of the uptrend shift of 1.2215-1.2375, the daily momentum will probably remain positive. On the other hand while there is plenty of support below 1.2300, the cross struggles to trend higher near 1.2370-1.2380 area. In order to do so, the pair might firstly overcome the barrier of 1.2339 (7th November daily high) and later on, the daily high of 1.2360 (31st October). In any case, a decent daily close above the 100-daily SMA currently laying at 1.2329, would pave the way for the cross to set up an uptrend momentum.
The EUR/CHF has been trading well above the 1.2300 handle the most time since the kick off of the Asian trading session, despite the absence of any major news and regardless the dismal released data pertaining to the Italian output production. Briefly,the Italian industrial output fell 3.0% on an annual basis in September, yet roughly in-line with expectations. The EUR/CHF touched earlier instantly its 100-daily SMA at 1.2329 area (daily high), but could not help itself to remain at this level.
Technical Outlook on the EUR/CHF
As long as the EUR/CHF remains above the area of 1.2275 (61.8% Fibonacci retracement of the uptrend shift of 1.2215-1.2375, the daily momentum will probably remain positive. On the other hand while there is plenty of support below 1.2300, the cross struggles to trend higher near 1.2370-1.2380 area. In order to do so, the pair might firstly overcome the barrier of 1.2339 (7th November daily high) and later on, the daily high of 1.2360 (31st October). In any case, a decent daily close above the 100-daily SMA currently laying at 1.2329, would pave the way for the cross to set up an uptrend momentum.