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11 Sep 2013
EUR/CHF below 1.2400 area on dismal Barroso comments
FXstreet.com (Athens)- The EUR/CHF could not sustain its gains above 1.2400 and now heading on the down level, on dismal Netherlands data, as well as on Barroso comments.
EUR/CHF below 1.2400 handle again; has earlier broke the crucial 1.2410 area
The EUR/CHF did not manage to break clearly the longer term pattern of the 1.2410, while has earlier touched the 1.2413 level. There were some dismal data regarding Netherlands that might push downwards the pair; the trade balance surplus narrowed to 3.4bn in July from 3.5bn in June, in the Netherlands. But it seems that some spicy comments on behalf of EU’s official Barroso , mostly put the pair under pressure. Barroso stated that “Unemployment the most pressing problem. Credit not flowing sufficiently,” and that “Debt crisis is not over, policymakers must not be complacent but yield spreads are coming down and trust is returning.” Barroso in a more or less straight tone, echoed what ECB's Liikanen said yesterday.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2391, down0.05%, not far away from its daily low of 1.2389. It is of great importance to point out that the pair should overcome the mid-term downwards pattern of the 1.2410 area, in order to move on closer to 1.2500 level.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.
EUR/CHF below 1.2400 handle again; has earlier broke the crucial 1.2410 area
The EUR/CHF did not manage to break clearly the longer term pattern of the 1.2410, while has earlier touched the 1.2413 level. There were some dismal data regarding Netherlands that might push downwards the pair; the trade balance surplus narrowed to 3.4bn in July from 3.5bn in June, in the Netherlands. But it seems that some spicy comments on behalf of EU’s official Barroso , mostly put the pair under pressure. Barroso stated that “Unemployment the most pressing problem. Credit not flowing sufficiently,” and that “Debt crisis is not over, policymakers must not be complacent but yield spreads are coming down and trust is returning.” Barroso in a more or less straight tone, echoed what ECB's Liikanen said yesterday.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2391, down0.05%, not far away from its daily low of 1.2389. It is of great importance to point out that the pair should overcome the mid-term downwards pattern of the 1.2410 area, in order to move on closer to 1.2500 level.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.