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EUR/CHF boring near 1.2060

FXStreet (Edinburgh) - EUR/CHF is now trading in a narrow range following the releases in the US economy, meandering between 1.2060 and 1.2065.

EUR/CHF capped at 1.2070

The cross remains in the lower end of the range, testing once again the 1.2060 band and looking to consolidate the decline from recent peaks near 1.2140 (October 7th). In spite of the CHF selling in USD/CHF, the cross remains unable to generate any traction, as EUR weakness continues to keep buyers at bay. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “is holding the support line at 1.2059, this is reinforced by key support at 1.2055/45. This guards 1.2000, which is expected to hold”.

EUR/CHF important levels

At the moment the pair is down 0.03% at 1.2065 with the next support at 1.2053 (low Sep.30) ahead of 1.2030 (low Nov.28 2012). On the upside, the initial up barrier lines up at 1.2987 (Tenkan Sen) followed by 1.2088 (38.2% of 1.2140-1.2057).

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