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EUR/CHF moves into positive territory at 1.2437/46

FXstreet.com (Barcelona) - The EUR/CHF has managed to erase its earlier losses, edging back to opening levels Monday and briefly touching the threshold at positive territory.

Briefing the technicals, the pair has settled at 1.2437/46 in these moments, notching a marginal gain of +0.01%. “The latest setback in the EUR/CHF was prompted by resistance at 1.2661. So long as the support at 1.2370 holds, the risk is for resumption of upside.” notes Gareth Berry, a Research Analyst at UBS.

According to Axel Rudolph, an analyst at Commerzbank, “The EUR/CHF has come right off the 38.2% Fibonacci retracement of the 2007-11 decline at 1.2655 and dropped to 1.2407 on Friday. The current decline is expected to hold in the 1.2400/1.2384 zone. 
Should this not be the case, we will have to allow for the 1.2391/84 support area to be revisited. It is where the March high and the 50% retracement of the February-to-May advance can be found.”

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