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EUR/CHF below 1.2400 again

FXstreet.com (London) - The EUR/CHF has extended its bearish form in the head and shoulders pattern on the daily charts and is re-testing the months low well below the neck line at 1.2390, through 1.2400 psychological lvl after the release of the CPI for the EZ.

In the EMU, Consumer Price Index (YoY) grew +1.4% in May, matching expectations of +1.4%. In addition, the Consumer Price Index – Core (YoY) climbed +1.2% in May, relative to projections calling for +1.1%. this encapsulates the markets belief that the ECB will not act out its words of caution with respect to negative rates. Also, this morning, the Switzerland KOF Leading Indicator increased 1.1 in May from 1.04 in April. This captures the movement of GDP growth and the economic trend in Switzerland. An optimistic view here is considered as bullish for the CHF.

1.2340 acts as next support (April highs).

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