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21 May 2013
EUR/CHF up around 1.2475/80
FXstreet.com (Barcelona) - The Swiss franc continues to lose ground against the euro on Tuesday, pushing the cross to its second consecutive session with gains around 1.2475/80.
“EUR/CHF has most likely been supported by an unwind of foreign bank positions in Switzerland (roughly 24bn CHF). The question is whether we have enough momentum to push higher and break the previous highs. It is seemingly the most tempting target to try and take out some barriers”, commented Sebastien Galy, Strategist at Societe Generale.
As of writing the cross is up 0.14% at 1.2478 and a surpass of 1.2492 (high May 17) would aim for 1.2525 (high May 15) and then 1.2573 (2013 high Jan.18).
On the flip side, support levels align at 1.2426 (MA10d) ahead of 1.2416 (low May 17) and finally 1.2384 (low May 16).
“EUR/CHF has most likely been supported by an unwind of foreign bank positions in Switzerland (roughly 24bn CHF). The question is whether we have enough momentum to push higher and break the previous highs. It is seemingly the most tempting target to try and take out some barriers”, commented Sebastien Galy, Strategist at Societe Generale.
As of writing the cross is up 0.14% at 1.2478 and a surpass of 1.2492 (high May 17) would aim for 1.2525 (high May 15) and then 1.2573 (2013 high Jan.18).
On the flip side, support levels align at 1.2426 (MA10d) ahead of 1.2416 (low May 17) and finally 1.2384 (low May 16).