13 Nov 2013
EUR/CHF capped by 100-daily SMA
FXstreet.com (Athens) – The EUR/CHF is trading muted the past European trading hour, hovering around the 1.2316 aea.
The EUR/CHF has been trading amidst a very confined area since the kick off of the European trading session on Wednesday, amidst the confluence of the 50-daily EMA (1.2319), 20- daily EMA (1.2317), as well as of the 100- daily SMA (1.2330). What’s more, industrial production in the Eurozone fell back 0.5% in September, after having risen by 1.0% in August. The contraction this month was worse than the estimation.
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 remain positive. On the other hand while there 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 1.2320 where the 100-daily SMA resides and later on, the daily high of 1.2360 (31st October).
The EUR/CHF has been trading amidst a very confined area since the kick off of the European trading session on Wednesday, amidst the confluence of the 50-daily EMA (1.2319), 20- daily EMA (1.2317), as well as of the 100- daily SMA (1.2330). What’s more, industrial production in the Eurozone fell back 0.5% in September, after having risen by 1.0% in August. The contraction this month was worse than the estimation.
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 remain positive. On the other hand while there 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 1.2320 where the 100-daily SMA resides and later on, the daily high of 1.2360 (31st October).