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26 Aug 2013
EUR/CHF heading higher after Jackson’s Hole
FXstreet.com (Athens) - The EUR/CHF is moving upwards for a fourth consecutive day, on ECB’s Weidmann.
While Monday, is a slow day for scheduled economic releases around the world, still the pair is moving upwards ahead of German elections. Berry Gareth, UBS analyst observes that ‘Swiss franc positional erosion continues’ as ‘Yet another week of net EURCHF buying, a pattern we've seen in 12 of the past 13 weeks now. That's the polar opposite of
what we witnessed last year when an inconclusive Greek election result triggered 16 straight weeks of net EURCHF selling’. It sounds like the sentiment ahead of the German elections, is in favor of the cross. What’s more, ‘Greece receiving a third haircut would send the wrong signal’ , said the European Central Bank Governing Council member Jens Weidmann, in an interview with German daily Handelsblatt released on Monday.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2350, up 0.15%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2378, 1.2409 and 1.2434, respectively.
While Monday, is a slow day for scheduled economic releases around the world, still the pair is moving upwards ahead of German elections. Berry Gareth, UBS analyst observes that ‘Swiss franc positional erosion continues’ as ‘Yet another week of net EURCHF buying, a pattern we've seen in 12 of the past 13 weeks now. That's the polar opposite of
what we witnessed last year when an inconclusive Greek election result triggered 16 straight weeks of net EURCHF selling’. It sounds like the sentiment ahead of the German elections, is in favor of the cross. What’s more, ‘Greece receiving a third haircut would send the wrong signal’ , said the European Central Bank Governing Council member Jens Weidmann, in an interview with German daily Handelsblatt released on Monday.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2350, up 0.15%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2378, 1.2409 and 1.2434, respectively.