6 Sep 2013
EUR/CHF stable after dismal Germany data release
FXstreet.com (Athens)- The EUR/CHF didn’t react at all after industrial production data in Germany missed the estimations.
EUR/CHF hitting the snooze button on disappointing Germany data release
The EUR/CHF did not change at all its trend behavior after the discouraging news regarding industrial production in the power horse of Euro zone, i.e. Germany. The data coming from Germany missed expectations, but the pair still is heading sideways. As is usually the case with nonfarm payroll day it’s all about the big figure and what effect it’ll have on the financial markets. All in all, Friday is likely to be no different as there’s little else in the way of economic data to focus on apart from the nonfarm payroll. Investors should bear in mind that despite yesterday the single currency declined to its lowest level versus the ‘greenback’ (firmer thanks to Mario Draghi), the pair is heading for a fifth “green” day.
Technical outlook on EUR/CHF
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/CHF has seen a strong rebound off its 200 day moving average at 1.2287, which has eroded its 3 month resistance line at 1.2379. The move above here targets 1.2432/35 August high than the 1.2466 July high. Intraday dips are indicated to hold 1.2375/55.” At the time of writing, EUR/CHF is trading as of 1.2388, down 0.05%, not far away from its daily low of 1.2381. The FXstreet.com Trend Index shows the pair to be neutral in the 15- minutes framework. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2424, 1.2455 and 1.2486, respectively.
EUR/CHF hitting the snooze button on disappointing Germany data release
The EUR/CHF did not change at all its trend behavior after the discouraging news regarding industrial production in the power horse of Euro zone, i.e. Germany. The data coming from Germany missed expectations, but the pair still is heading sideways. As is usually the case with nonfarm payroll day it’s all about the big figure and what effect it’ll have on the financial markets. All in all, Friday is likely to be no different as there’s little else in the way of economic data to focus on apart from the nonfarm payroll. Investors should bear in mind that despite yesterday the single currency declined to its lowest level versus the ‘greenback’ (firmer thanks to Mario Draghi), the pair is heading for a fifth “green” day.
Technical outlook on EUR/CHF
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/CHF has seen a strong rebound off its 200 day moving average at 1.2287, which has eroded its 3 month resistance line at 1.2379. The move above here targets 1.2432/35 August high than the 1.2466 July high. Intraday dips are indicated to hold 1.2375/55.” At the time of writing, EUR/CHF is trading as of 1.2388, down 0.05%, not far away from its daily low of 1.2381. The FXstreet.com Trend Index shows the pair to be neutral in the 15- minutes framework. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2424, 1.2455 and 1.2486, respectively.