30 Aug 2013
EUR/CHF consolidates over 1.2300
FXstreet.com (Athens) - The EUR/CHF is heading smoothly downwards on European trading session, but well above 1.2300 area.
Encouraging data in Euro zone across the board all over the globe; EUR/CHF above 1.2300
The EUR/CHF is moving downwards on Friday’s trading session, after two consecutive daily sessions of gains. Euro zone data confirms that the region is in a tentative recovery and that inflationary pressures generally remain muted. Eurostat reported that the number of jobless in the 17-country region fell for a second straight month in July, as well as that the European Commission’s economic sentiment indicator (ESI) for the 17-country region, boosted from 92.5 in July to 95.2 in August. ING analysts suggest that “All in all, it is encouraging to see that unemployment is no longer rising and that economic sentiment is moving in the right direction. But the tentative recovery is vulnerable to new economic shocks, either in the form of a renewed flare up of the euro crisis, a sharp, BRICs-led slowdown in global growth or increased geopolitical tensions. The ECB is surely aware of this. So although further monetary easing by the ECB has become less likely, ECB-president Draghi will probably continue to strike a cautious tone at ECB press conferences”.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2325, down 0.07%, not far away from its daily high of 1.2332. The FXstreet.com Trend Index shows the pair to be strongly bearish. 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.
Encouraging data in Euro zone across the board all over the globe; EUR/CHF above 1.2300
The EUR/CHF is moving downwards on Friday’s trading session, after two consecutive daily sessions of gains. Euro zone data confirms that the region is in a tentative recovery and that inflationary pressures generally remain muted. Eurostat reported that the number of jobless in the 17-country region fell for a second straight month in July, as well as that the European Commission’s economic sentiment indicator (ESI) for the 17-country region, boosted from 92.5 in July to 95.2 in August. ING analysts suggest that “All in all, it is encouraging to see that unemployment is no longer rising and that economic sentiment is moving in the right direction. But the tentative recovery is vulnerable to new economic shocks, either in the form of a renewed flare up of the euro crisis, a sharp, BRICs-led slowdown in global growth or increased geopolitical tensions. The ECB is surely aware of this. So although further monetary easing by the ECB has become less likely, ECB-president Draghi will probably continue to strike a cautious tone at ECB press conferences”.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2325, down 0.07%, not far away from its daily high of 1.2332. The FXstreet.com Trend Index shows the pair to be strongly bearish. 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.