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5 Aug 2013
EUR/CHF welcoming ground Zero?
FXstreet.com (Chicago) - EUR/CHF dipped nearly 30 pips as price continued to erode throughout Monday’s trading session.
Despite better-than-expected data published earlier in Europe, the euro weakened against the Swissy. Markit Economics released a 49.8 Markit Services PMI vs. previous 48.3 in June and projected 49.6. Retail sales indicated negative performance with -0.5% vs. expected -0.6%. The markets closed with mixed results with the CAC40 up 0.11%, the DAX down -0.10% and the Euronext up 0.14%.
Technical levels
Technically speaking, the pair was identified as slightly bearish on one-hour timeframe by the FXstreet trend index. Trading at 1.2307, the price navigated between supports at 1.2304 (July 31st lows), 1.2300 (July 28 highs), 1.2290 (June 26 highs) and resistances at 1.2313 (July 3 lows), 1.2320 (June 20 highs), 1.2330 (July 26 highs). Trading below moving averages for both the short and long hauls along MACD and CCI pointing down, price reflection indicated bearish bias among market participants.
Despite better-than-expected data published earlier in Europe, the euro weakened against the Swissy. Markit Economics released a 49.8 Markit Services PMI vs. previous 48.3 in June and projected 49.6. Retail sales indicated negative performance with -0.5% vs. expected -0.6%. The markets closed with mixed results with the CAC40 up 0.11%, the DAX down -0.10% and the Euronext up 0.14%.
Technical levels
Technically speaking, the pair was identified as slightly bearish on one-hour timeframe by the FXstreet trend index. Trading at 1.2307, the price navigated between supports at 1.2304 (July 31st lows), 1.2300 (July 28 highs), 1.2290 (June 26 highs) and resistances at 1.2313 (July 3 lows), 1.2320 (June 20 highs), 1.2330 (July 26 highs). Trading below moving averages for both the short and long hauls along MACD and CCI pointing down, price reflection indicated bearish bias among market participants.