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11 Sep 2013
EUR/CHF upwards as war sirens push the “snooze” button
FXstreet.com (Athens)- The EUR/CHF is trading upwards as risk-appetites strikes back and news wires suggest “US President Obama defers congress vote on Syria situation.”
The EUR/CHF is heading the upper way as safen-haven “Swissie” no longer in demand
The EUR/CHF is well boosted in a relatively light calendar day. More precisely, market tone is likely to continue to be set near-term by relief following a possible peaceful resolution of the Syria crisis. Furthermore, President’s Obama today speech had little effect on trading, as the President pulled the U.S. from the brink of a military strike against Syria.
Finally, UBS revised China's 2013 GDP estimate to 7.6% from 7.5%, boosting further the risk-appetite. The German CPI came in line with expectations, therefore had no impact on the pair.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2411, up 0.08%, not far away from its daily high of 1.2417. It is of great importance that the pair closed on Tuesday above its 50 daily EMA, thus the recent pullback may well coming to an end. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2434, 1.2459 and 1.2490, respectively.
The EUR/CHF is heading the upper way as safen-haven “Swissie” no longer in demand
The EUR/CHF is well boosted in a relatively light calendar day. More precisely, market tone is likely to continue to be set near-term by relief following a possible peaceful resolution of the Syria crisis. Furthermore, President’s Obama today speech had little effect on trading, as the President pulled the U.S. from the brink of a military strike against Syria.
Finally, UBS revised China's 2013 GDP estimate to 7.6% from 7.5%, boosting further the risk-appetite. The German CPI came in line with expectations, therefore had no impact on the pair.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2411, up 0.08%, not far away from its daily high of 1.2417. It is of great importance that the pair closed on Tuesday above its 50 daily EMA, thus the recent pullback may well coming to an end. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2434, 1.2459 and 1.2490, respectively.