2 Sep 2013
EUR/CHF is trading higher on strong August PMI
FXstreet.com (Athens) - The EUR/CHF is heading upwards, on much better than expected PMI’s in Euro zone, as well as due to US labor day, which seems to provide a smooth ‘lift up’ for the single currency.
The EUR/CHF sits well above 1.2300 on solid PMI data
The German PMI Manufacturing hit a 25-month high, while the Italian and Spanish PMI Manufacturing released at 27 and 29-month highs, respectively. Furthermore, Germany Finance Ministry said in press that the “situation in Portugal is very hopeful and positive, and the program is being successfully implemented “. It seems that Euro zone looms out from the recession after being dominated by a depressive sentiment since 2011. Euro boosted amidst the PMI data, signing that the Euro zone is in a process of pulling out the recession. Last but not least, the Swiss PMI released a bit softer than expected, but well above 50 level (54.6). There have been some spicy comments on behalf of ECB, as Nowotny said ‘central banks shouldn't intervene in FX markets, the Swiss monetary policy is very unconventional’.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2318, up 0.04%. The FXstreet.com Trend Index shows the pair to be slightly 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.
The EUR/CHF sits well above 1.2300 on solid PMI data
The German PMI Manufacturing hit a 25-month high, while the Italian and Spanish PMI Manufacturing released at 27 and 29-month highs, respectively. Furthermore, Germany Finance Ministry said in press that the “situation in Portugal is very hopeful and positive, and the program is being successfully implemented “. It seems that Euro zone looms out from the recession after being dominated by a depressive sentiment since 2011. Euro boosted amidst the PMI data, signing that the Euro zone is in a process of pulling out the recession. Last but not least, the Swiss PMI released a bit softer than expected, but well above 50 level (54.6). There have been some spicy comments on behalf of ECB, as Nowotny said ‘central banks shouldn't intervene in FX markets, the Swiss monetary policy is very unconventional’.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2318, up 0.04%. The FXstreet.com Trend Index shows the pair to be slightly 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.