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EUR/CHF inching higher, eyes on 1.2080

FXStreet (Edinburgh) - Risk-on sentiment is giving the single currency extra legs on Friday, pushing EUR/CHF to test session highs in the 1.2075/80 band.

EUR/CHF found support at 1.2060

The mid-1.2000s has been tested twice in the last two weeks, although sellers failed to break below it on a sustainable basis. The risk trends will continue to dominate the price action, with the interim resistance placed around recent peaks near 1.2140. “Intraday rallies are now indicated to halt ahead of 1.2095. This guards the 1.2133 July low and the 200 day ma at 1.2170”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/CHF levels to watch

At the moment the cross is up 0.01% at 1.2075 with the next hurdle at 1.2088 (38.2% of 1.2140-1.2057) ahead of 1.2096 (high Oct.14) and then 1.2139 (high Oct.7). On the downside, a break below 1.2053 (low Sep.30) would aim for 1.2030 (low Nov.28 2012) and finally 1.2007 (low Jul.23 2012).

Gold outperforms stocks on a year-to-date basis

The markets have been bearish on Gold prices since the beginning of the current year, despite which the Yellow metal has managed to hold above USD 1180 levels. On the other hand, stock markets continued to make record highs in most of the economies around the world.
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