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EUR/CHF orbiting around 1.2455/60

FXstreet.com (Barcelona) - The Swiss franc is trading almost unchanged against the single currency on Monday, although keeping last week’s range between 1.2400 and 1.2500.

“In 2013 Switzerland is still forecast to run a huge current account surplus of 12% of GDP according to the IMF. That will provide support to the franc. But in a reflationary world the high historic valuations of the franc against the dollar and euro are at risk. Further short-term strength in equities are likely to push USDCHF up, dragging EURCHF higher too”, assessed M.Mohi-uddin Director of FX Strategy at UBS.

At the moment the pair is down 0.05% at 1.2455 with the next support at 1.2416 (low May 17) ahead of 1.2410 (MA10d) and then 1.2384 (low May 16).
On the flip side, a surpass of 1.2492 (high May 17) would expose 1.2525 (high May 15) and finally 1.2573 (2013 high Jan.18).

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