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30 Sep 2013
EUR/CHF downwards as being captured by US government shutdown fear
FXstreet.com (Athens) – The EUR/CHF is under heavily pressure today amidst US, Italian political jitters.
EUR/CHF is looking closely at the 1.20 cap; SNB on “guard”
The EUR/CHF is trading lower today due to the fact that amidst the Italian political woes, as well as on the potential the US default on its own debt, traders seek for safe-haven currencies, boosting immensely the demand for the “Swissie.” Finally, political uncertainty remains also well in “play” in the power horse of Euro land, as ECB's Coure said earlier in news wires that “there's a "sense of frustration" on SRM progress.”
Technical Outlook and Strategic Bias on EUR/CHF
The EUR/CHF is trading well under its 200-EMA (1,2287) and a clear daily close below that level, would put the pair further “under pressure.” Karen Jones, Head Technical Analyst at Commerzbank suggests that “the EUR/CHF is trading below its 200 day moving average at 1.2305 and is under pressure. Failure here introduces potential to test the 1.2250 2013 uptrend. This is expected to hold the downside and prompt recovery. Note the 55 week ma is also located here at 1.2245.”
EUR/CHF is looking closely at the 1.20 cap; SNB on “guard”
The EUR/CHF is trading lower today due to the fact that amidst the Italian political woes, as well as on the potential the US default on its own debt, traders seek for safe-haven currencies, boosting immensely the demand for the “Swissie.” Finally, political uncertainty remains also well in “play” in the power horse of Euro land, as ECB's Coure said earlier in news wires that “there's a "sense of frustration" on SRM progress.”
Technical Outlook and Strategic Bias on EUR/CHF
The EUR/CHF is trading well under its 200-EMA (1,2287) and a clear daily close below that level, would put the pair further “under pressure.” Karen Jones, Head Technical Analyst at Commerzbank suggests that “the EUR/CHF is trading below its 200 day moving average at 1.2305 and is under pressure. Failure here introduces potential to test the 1.2250 2013 uptrend. This is expected to hold the downside and prompt recovery. Note the 55 week ma is also located here at 1.2245.”