3 Sep 2013
EURCHF upwards, on less risk-aversion trading conditions
FXstreet.com (Athens) - The EUR/CHF is trading upwards nearly its daily highs, on improving
business confidence in China and Europe in August.
EUR/CHF remains confined at a tight range, ahead crucial data and events later this week
The EUR/CHF managed to climb higher for a second straight trading session, despite the fact that the common currency, seems to be under modest downward pressure in the near-term against its major leading counter-parts. However, the euro-zone manufacturing PMI surveys for August, signaled that the pace of economic recovery in the euro zone is
still accelerating gradually in Q3. In addition to the solid China PMI flash data, the appetite for riskier assets boosted, reducing the ‘swissie’s’ appeal as a safe haven. Last but not least, the Swiss data released much better than expected, as the Swiss GDP was announced at a 2.5% rate figure, versus 1.7% expected and 1.2% the prior one.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2340, up 0.08%, not far away from its daily high of 1.2345. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. 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.
business confidence in China and Europe in August.
EUR/CHF remains confined at a tight range, ahead crucial data and events later this week
The EUR/CHF managed to climb higher for a second straight trading session, despite the fact that the common currency, seems to be under modest downward pressure in the near-term against its major leading counter-parts. However, the euro-zone manufacturing PMI surveys for August, signaled that the pace of economic recovery in the euro zone is
still accelerating gradually in Q3. In addition to the solid China PMI flash data, the appetite for riskier assets boosted, reducing the ‘swissie’s’ appeal as a safe haven. Last but not least, the Swiss data released much better than expected, as the Swiss GDP was announced at a 2.5% rate figure, versus 1.7% expected and 1.2% the prior one.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2340, up 0.08%, not far away from its daily high of 1.2345. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. 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.