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26 Apr 2013
Forex: EUR/CHF falling below 1.2300
FXstreet.com (Barcelona) - The Swiss franc is gathering pace on Friday, recovering from session lows against the single currency above 1.2310 and dragging the cross to the current 1.2265/70 region.
Karen Jones, Head of FICC Technical Analysis of Commerzbank, suggests the pair should not rule out a visit to the 1.2263/39 region after the recent tops, adding that the bias remains tilted to the upside above 1.2212. “Beyond this, the market is well placed to test the 1.2391 March high and 1.2399 Fibonacci retracement (61.8% retracement).
The pair is now retreating 0.17% at 1.2272 with the next support at 1.2206 (MA100d) ahead of 1.2198 (MA21d) and then 1.2169 (MA200d).
On the upside, a surpass of 1.2305 (hourly highs Apr.26) would expose 1.2349 (high Apr.25) and finally 1.2391 (high Mar.8).
Karen Jones, Head of FICC Technical Analysis of Commerzbank, suggests the pair should not rule out a visit to the 1.2263/39 region after the recent tops, adding that the bias remains tilted to the upside above 1.2212. “Beyond this, the market is well placed to test the 1.2391 March high and 1.2399 Fibonacci retracement (61.8% retracement).
The pair is now retreating 0.17% at 1.2272 with the next support at 1.2206 (MA100d) ahead of 1.2198 (MA21d) and then 1.2169 (MA200d).
On the upside, a surpass of 1.2305 (hourly highs Apr.26) would expose 1.2349 (high Apr.25) and finally 1.2391 (high Mar.8).