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20 Jun 2013
EUR/CHF declines as the SNB hold rates
FXstreet.com (Barcelona) - EUR/CHF has declined in the immediate aftermath of the SNB decision to hold rates.
Having made a low at 1.2301 overnight, EUR/CHF has gently climbed throughout the overnight and early European session. Despite a sharp drop to 1.2303 as Swiss Trade data and German PPI numbers disappointed, spot swiftly retraced higher to post a high at 1.2338. In the immediate aftermath of the decision, EUR/CHF has declined the majority of the morning gains and is currently trading at 1.2310. Elsewhere, German Manufacturing PMI declined while Services PMI improved.
EUR/CHF technicals mildly bearish
Spot has largely traded within a confined 50 pip range for the past few days, and Hourly RSI is at 45 with a near term downside bias. Stochastics are edging lower at 36. However, hourly MA´s are showing an upside bias. Today´s support can be found at S1 1.2312 and S2 at 1.2280. Resistance above can be found at the daily pivot at 1.2338 and R1 at 1.2370.
Having made a low at 1.2301 overnight, EUR/CHF has gently climbed throughout the overnight and early European session. Despite a sharp drop to 1.2303 as Swiss Trade data and German PPI numbers disappointed, spot swiftly retraced higher to post a high at 1.2338. In the immediate aftermath of the decision, EUR/CHF has declined the majority of the morning gains and is currently trading at 1.2310. Elsewhere, German Manufacturing PMI declined while Services PMI improved.
EUR/CHF technicals mildly bearish
Spot has largely traded within a confined 50 pip range for the past few days, and Hourly RSI is at 45 with a near term downside bias. Stochastics are edging lower at 36. However, hourly MA´s are showing an upside bias. Today´s support can be found at S1 1.2312 and S2 at 1.2280. Resistance above can be found at the daily pivot at 1.2338 and R1 at 1.2370.