24 Jul 2013
EUR/CHF churning sideways in overall bearish chart ahead of Euro-data
FXstreet.com (Barcelona) - The EUR/CHF cross is biding time before the next set of guiding data out of Europe later this morning. Sideways movement after an initial drop not a great sign for the bulls.
EUR/CHF could get a short-term push higher or lower from PMI data Wednesday morning
With purchasing managers indices due out from France, Germany and the overall Euro Zone on Wednesday morning between 06:58 and 07:58 GMT, crosses like the EUR/CHF could see a pick-up in short-term volatility. After an initial drop from the July 9th peak to the July 17th low of 1.2325, EUR/CHF has been correcting in a net sideways movement and is trading at 1.2361. This churning / consolidating after an initial move lower has technicians speculating about another move lower soon to come.
EUR/CHF technical outlook
Technicians like Tim Thielen, CMT, of The Sea Change Report, see the EUR/CHF continuing to grind lower towards the eventual target of 1.2129. On the way down, though, support comes into play at Monday’s low of 1.2320, the July 3rd low of 1.2275 and the June 24th low of 1.2218. Resistance for EUR/CHF comes in at Tuesday’s high of 1.2394 and the July 9th peak at 1.2465.
EUR/CHF could get a short-term push higher or lower from PMI data Wednesday morning
With purchasing managers indices due out from France, Germany and the overall Euro Zone on Wednesday morning between 06:58 and 07:58 GMT, crosses like the EUR/CHF could see a pick-up in short-term volatility. After an initial drop from the July 9th peak to the July 17th low of 1.2325, EUR/CHF has been correcting in a net sideways movement and is trading at 1.2361. This churning / consolidating after an initial move lower has technicians speculating about another move lower soon to come.
EUR/CHF technical outlook
Technicians like Tim Thielen, CMT, of The Sea Change Report, see the EUR/CHF continuing to grind lower towards the eventual target of 1.2129. On the way down, though, support comes into play at Monday’s low of 1.2320, the July 3rd low of 1.2275 and the June 24th low of 1.2218. Resistance for EUR/CHF comes in at Tuesday’s high of 1.2394 and the July 9th peak at 1.2465.