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EUR/CHF aims for 1.2130

FXStreet (Edinburgh) - The European cross is extending its recovery on Wednesday, lifting EUR/CHF to session highs around 1.2130.

EUR/CHF firmer following the euro

The better tone from the single currency and in general from the riskier assets is helping the cross regain ground lost in recent weeks, bouncing off the mid-1.2000s in late September. Data wise, the unemployment rate in the Swiss economy stayed intact at a seasonally adjusted 3.2% during September, matching expectations. In the view of Shaun Osborne, Chief FX Strategy at TD Securities, “Sustained gains through the 40-week/200-day MA/retracement resistance at 1.2170/90 would underpin the prospect for a stronger rise in the cross medium-term”.

EUR/CHF levels to watch

At the moment the pair is up 0.05% at 1.2129 with the next resistance at 1.2141 (50% of 1.2238-1.2045) followed by 1.2145 (high Aug.11) and then 1.2154 (high Aug.7). On the downside, a breach of 1.2114 (cloud top) would expose 1.2105 (low Oct.7) and finally 1.2093 (Kijun Sen).

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