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EUR/CHF supported at 1.2060

FXStreet (Edinburgh) - EUR/CHF is trading on a softer footing at the beginning of the week, currently hovering over session lows in the 1.2065/60 band.

EUR/CHF back from 1.2080

The cross is coming down after hitting tops near 1.2080 in early trade, following the selling interest around the USD/CHF against a backdrop of generalized USD weakness. Of note will be tomorrow’s trade balance figures in the Alpine economy, while markets slowly get involved into the referendum in Switzerland about the SNB’s gold holdings (30th November). “Intraday rallies are now indicated to halt circa 1.2080/1.2095. This guards the 1.2133 July low and the 200 day ma at 1.2167”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/CHF levels to watch

At the moment the cross is down 0.10% at 1.2064 with the next support at 1.2053 (low Sep.30) followed by 1.2030 (low Nov.28 2012) and then 1.2007 (low Jul.23 2012). On the upside, a breakout of 1.2088 (38.2% of 1.2140-1.2057) would aim for 1.2096 (high Oct.14) and finally 1.2108 (61.8% of 1.2140-1.2057).

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