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14 Aug 2013
EUR/CHF escapes above 1.2350 on Swiss Franc weakness
FXstreet.com (Barcelona) - The EUR/CHF foreign exchange cross rate is last trading at 1.2369 bids near session and weekly highs, up +0.53% for the week so far, despite recent Euro weakness, given Swiss Franc has been even weaker than Euro.
EUR/CHF skewed in favour of a rally
“Throughout the past 90 hours EUR/CHF has been trading within two converging trend lines, thereby forming a symmetrical triangle,” said the Dukascopy Bank Team, adding: “However, just now the upper edge of the pattern has been crossed, meaning that the risks are now heavily skewed in favour of a rally.”
EUR/CHF key technical levels
Immediate resistance to the upside for EUR/CHF shows at recent session/weekly highs 1.2383, followed by August 02 highs at 1.2398, and July 24 highs at 1.2403. To the downside, closest support lies at July 30/August 05 highs 1.2359/55, followed by July 22/August 02-04 lows at 1.2324/19, and July 31/yesterday's NY session lows at 1.2303.
EUR/CHF skewed in favour of a rally
“Throughout the past 90 hours EUR/CHF has been trading within two converging trend lines, thereby forming a symmetrical triangle,” said the Dukascopy Bank Team, adding: “However, just now the upper edge of the pattern has been crossed, meaning that the risks are now heavily skewed in favour of a rally.”
EUR/CHF key technical levels
Immediate resistance to the upside for EUR/CHF shows at recent session/weekly highs 1.2383, followed by August 02 highs at 1.2398, and July 24 highs at 1.2403. To the downside, closest support lies at July 30/August 05 highs 1.2359/55, followed by July 22/August 02-04 lows at 1.2324/19, and July 31/yesterday's NY session lows at 1.2303.