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Forex: EUR/CHF upside capped around 1.2480

FXstreet.com (Barcelona) - The Swiss franc is resuming its depreciation against the single currency on Thursday, pushing the pair to the vicinity of 1.2450/55 after bottoming in the 1.2420 region.

In the opinion of Jane Foley, Strategist at Rabobank, increasing risk appetite in the last periods coupled with better prospects for the euro zone has triggered the search for yields, with investors starting an exodus from the safe haven CHF. “On the assumption that risk appetite holds, we expect that EUR/CHF will break and hold above the 1.25 level. For some time we have maintained a 12 mth forecast for EUR/CHF at 1.27 and a 6 mth forecast at 1.25 but we are bringing forward these expectations to 1.27 on a 6 mth view and expect to see 1.32 on a 12 mth view”.

EUR/CHF is now advancing 0.11% at 1.2446 and a breakout of 1.2573 (2013 high Jan.18) would open the door to 1.2645 (high May 20 2011) and finally 1.2693 (high May 13 2011).
On the flip side, support levels line up at 1.2387 (low May 14) followed by 1.2356 (MA10d) and then 1.2301 (MA21d).

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