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Forex: EUR/CHF establishes session highs at 1.2163/66

FXstreet.com (Barcelona) - In a day of sideways trading, ironically the EUR/CHF has asserted itself as a mover during European trading Monday. At the time of writing the cross is establishing session highs at 1.2163/66, having jumped +0.22% already.

In Germany, the Industrial Production s.a. w.d.a. (YoY) has shrunk -1.8% in February, compared with a decline of -2.6% in the previous month. Moreover, Industrial Production s.a. (MoM) grew +0.5% in the month of February, beating estimates of only +0.3%.

Despite recent advances, “We remain neutral on the EUR/CHF – there is a significant support at 1.2120; a break below this would be a major bearish development. Meanwhile, strong resistance lies ahead at 1.2184.” notes Research Analyst Gareth Berry at UBS.

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