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Forex: EUR/CHF back above 1.2200

FXstreet.com (Barcelona) - The renewed strength in the Swiss franc is now losing some impetus on the Cypriot events, after strong inflows to the safe havens dragged the cross to the area of 1.2170 overnight.

Rich Kelly, Analyst at TD Securities, commented, “We should expect the leaders, finance ministers, and ECB members to give statements on Monday reassuring their constituents that this does not set a precedent”, removing buying pressure from the CHF.

At the moment, EUR/CHF is down 0.44% at 1.2219
Next support levels line up at 1.2167 (Lower Bollinger) ahead of 1.2159 (low Feb.27) and then 1.2135 (MA200d).
On the upside, a breakout of 1.2230 (hourly high Mar.18) would clear the way to 1.2286 (MA21d) and then 1.2305 (lows Mar.7/13).

Italy Trade Balance EU increase to €0.663B in Jan from €-1.212B in Dec

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