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Forex: EUR/CHF supported ahead of breakout zone

FXstreet.com (London) - EUR/CHF has been supported by USD/CHF of late, and with the Swissie stalling, the price action in EUR/CHF has been drifting lower day by day since highs 1.2462 (10th May).

The pair currently trade above the break out level of 1.2350 but has dipped into 1.2300 handle territory this morning, only to attract bids and supported in the 0.0090’s. If USD/CHF remains supported, then EUR/CHF should keep treading water also but levels to watch for the top side are 1.2460/65 towards the Jan 18th high 1.2570, with Bulls positions being compromised at levels through 1.2380 which could open up the risk for a breakout at support 1.2350.

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