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Forex: EUR/CHF upside capped around 1.2445/50

FXstreet.com (Barcelona) - The Swiss franc is now picking up pace against the euro on Monday, recovering the area around 1.2420/25 after hitting fresh lows in the vicinity of 1.2445/50.

Data-wise, Retail Sales in the Alpine economy surprised market participants in March, contracting 0.9% over the last twelve months vs. the forecasted 0.8% expansion and February’s 2.3%.

At the moment, the pair is down 0.13% at 1.2425 and a violation of 1.2363 (low May 10) would open the door to 1.2303 (MA10d) and finally 1.2283 (low May 9).
On the upside, resistance levels line up at 1.2461 (high May 10) ahead of 1.2505 (high Feb.4) and then 1.2515 (high Feb.1).

Forex Flash: Head and shoulders pattern forms for Bunds – RBS

The recent Bund price action formalized a head and shoulders pattern with initial targets of 144.24 and 143.54. We keep in mind there is also a very strong support at 144.00 – a level of polarity change and March gap. According to Technical Strategist Dmytro Bondar at RBS, “The sell-off brought significant damage to the charts, taking off the 145.46 support on close and moving the price beneath 20- day MA at a time, when the 20/5/5/3 a slow stochastic has formed a bearish divergence with the price action.”
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Forex: EUR/JPY fallen below 132.00 in European session

The pair have scaled back its gains over the previous session, where the quote posted a three year high of 132.40.
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