4 Apr 2014
EUR/CHF continues to climb higher ahead of the European session
FXStreet (Moscow) - Following a respective high and low at 1.2237 and 1.2221 , >EUR/CHF is currently trading at 1.2227, up 0.03% on the day.
EUR/CHF bulls finally did it!
EUR/CHF had a first daily close above 1.2200 since the end of February - a true milestone event that implies the fact that the cross has returned to the larger range that dominated for the most part of the previous year. Though we need a weekly close well above this pivotal level for a confirmation. It is interesting to note that the cross grew, while the EUR was weakening agains most other majors following Draghi’s comments. The bullish dynamics was supported by CHF sales against USD, which means that EUR/CHF may have a good run upward today, if the USD gain upside traction across the board on the back of Non-Farm Payrolls report, published later today. The next resistance is seen at 1.2240, while the support comes t 1.2220.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 1.2229 [Last Price], 1.2232 (Weekly Classic R1), 1.2235 (Yesterday's High), 1.2237 (Daily High), 1.2242 (Daily Classic R1) and 1.2245 (Daily 100 SMA).
Below, we can see support at 1.2225 (Monthly High), 1.2225 (Weekly High), 1.2225 (Hourly 20 EMA), 1.2224 (Daily Open) and 1.2221 (Daily Low).
Patternwise, we can see a Doji formation on the 1-hour .
EUR/CHF bulls finally did it!
EUR/CHF had a first daily close above 1.2200 since the end of February - a true milestone event that implies the fact that the cross has returned to the larger range that dominated for the most part of the previous year. Though we need a weekly close well above this pivotal level for a confirmation. It is interesting to note that the cross grew, while the EUR was weakening agains most other majors following Draghi’s comments. The bullish dynamics was supported by CHF sales against USD, which means that EUR/CHF may have a good run upward today, if the USD gain upside traction across the board on the back of Non-Farm Payrolls report, published later today. The next resistance is seen at 1.2240, while the support comes t 1.2220.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 1.2229 [Last Price], 1.2232 (Weekly Classic R1), 1.2235 (Yesterday's High), 1.2237 (Daily High), 1.2242 (Daily Classic R1) and 1.2245 (Daily 100 SMA).
Below, we can see support at 1.2225 (Monthly High), 1.2225 (Weekly High), 1.2225 (Hourly 20 EMA), 1.2224 (Daily Open) and 1.2221 (Daily Low).
Patternwise, we can see a Doji formation on the 1-hour .