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9 Apr 2013
Forex: EUR/CHF testing 1.2200 level
FXstreet.com (Barcelona) - The EUR/CHF has been an unusual market mover today, building off of yesterdays advance to test the 1.2200 level during US trading Tuesday. While operating off its session highs of 1.2215, the cross has managed to notch a gain of +0.22% in these moments.
Regarding the economic calendar, all seems to be quiet currently as well as for the remainder of the day, suggesting a more sideways motion is in order unless some nugget of information surfaces out of the Eurozone. Earlier today in Switzerland, the Consumer Price Index (MoM) yielded a growth of only +0.2% in March, vs. a projected figure of +0.3%. In addition, the Consumer Price Index (YoY) contracted -0.6% in March, against expectations of -0.5%. Finally, Real Retail Sales (YoY) have climbed +2.4% in February, compared to a result of +2.0% in the previous month.
“We remain neutral on the EUR/CHF as there is a significant support at 1.2120; a break below this would be a major bearish development. Resistance is at 1.2230.” notes Research Analyst Gareth Berry at UBS.
Regarding the economic calendar, all seems to be quiet currently as well as for the remainder of the day, suggesting a more sideways motion is in order unless some nugget of information surfaces out of the Eurozone. Earlier today in Switzerland, the Consumer Price Index (MoM) yielded a growth of only +0.2% in March, vs. a projected figure of +0.3%. In addition, the Consumer Price Index (YoY) contracted -0.6% in March, against expectations of -0.5%. Finally, Real Retail Sales (YoY) have climbed +2.4% in February, compared to a result of +2.0% in the previous month.
“We remain neutral on the EUR/CHF as there is a significant support at 1.2120; a break below this would be a major bearish development. Resistance is at 1.2230.” notes Research Analyst Gareth Berry at UBS.