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EUR/CHF repositioned above 1.2400

FXstreet.com (London) - After a play in the 1.2380 territory at the end of last week, EUR/CHF has opened to stabilise again above 1.2400. At the time of writing, the quote is coming in above the pivot at 1.2430/40 following last weeks failure at 1.2560.

‘The market is on the defensive but we suspect has completed its correction lower.’ Said Karen Jones for Commerzbanks FX Analysis teams. ‘The 1.2497/80 zone is where the March high and the 50% retracement of the February-to- May advance can be found. Above 1.2655 sits the 1.2765’ September 2010 low.’

The calendar is jam packed this week across the majors. Today we have already seen the release of PMI for Switzerland which was coming in 52.2 against 50.9 expected and up on previous at 50.2. Later in the week CPI is expected to remain the same as previous as -0.6%. The market will be closely monitoring much of the US data as well while Eurozone GDP is tomorrow and ECB interest rate decision on Thursday. A move in the pair below 1.2380 would allow room for a sell off to 1.2340 ad 1.2244. The 200w ma acts as an upside target zone.

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