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Forex: EUR/CHF retraces losses on European opening

FXstreet.com (Barcelona) - With 1.2255 holding against further downside, the EUR/CHF retraced losses on the European opening to 1.2269 since the publication of French data and then Swiss foreign currency reserves report. This bouncing movement allowed a return to the weekly opening at 1.2268. On the upside, yesterday moves were capped at 1.2291 high.

According to the SNB, reserves in foreign currency narrowed from CHF438.3B to CHF433.6B, more than was expected (435.0B).

French industrial output contracted by -0.9% in March, worse than the -0.3% expected, but February data was revised higher from +0.7% to +0.8%. The French trade deficit narrowed from €-6.011B to €-4.696B, beating €-5.600B consensus, as exports grew from €35.703B to €36.204B while imports dropped from €41.348B to €40.9B.

“While this level (1.2154) holds, the 50% retracement at 1.2345, 1.2391 March high and 1.2399 Fibonacci retracement (61.8% retracement) could be revisited”, wrote Commerzbank analyst Alex Rudolph, adding that this is the break point to 1.2476, the last defense for the 1.2573 2013 high.

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