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Euro/Swiss Franc (EUR/CHF) Exchange Rate
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Following the release of Chinese trade data, German trade data showed a surprise increase in exports despite the disappointing industrial production data released.
Selling pressure in the Swiss Franc started to ease which deflated bullish momentum in the EUR/CHF after it reached its short-term resistance zone.
An IMF warning in regards to the European economy, echoed by ECB concerns about the lack of fiscal spending and the European Commission downgrade to the Eurozone economy,
Similar to the Japanese Yen, the Swiss Franc is a safe haven asset which usually outperforms during risk-off sessions.
Today is the start of the much anticipated two-day EU Summit where Brexit will remain the dominant topic.
In Europe over the course of the week, the FTSE was up on last week’s close by 3.71.3% at 7247.1; the Dax ended at 12512, up by 4.2% on last week’s close
Volatility in the EUR/CHF increased as price action initially pushed above its short-term resistance zone and advanced into its ascending 61.8 Fibonacci Retracement Fan Resistance Level.
EUR/CHF: Will the short-term resistance zone hold?
Friday marked the final trading session for the week, month and quarter for these summaries.
A rise in optimism in regards to a US-China trade deal was enough to pause the sell-off in the EUR/CHF.
The rally in the EUR/CHF has stalled as price action reached its resistance zone.
The Eurozone economy has struggled in 2019 and economic reports have been disappointing with a few isolated upside surprises.
The Norwegian Krona surged in Thursday trading in London after Norges Bank took a decidedly hawkish turn.
The Japanese Yen moved away from the recently struck 2-week peak against the US Dollar when the North Korean government said it was still amenable to settling issues with the US even after President Trump called off June's scheduled summit with Kim Jong Un.
The Swiss Franc is currently lower against the US Dollar but managed to hold onto the majority of gains made yesterday in the aftermath of elevated political tension between North Korea and the United States.
Get the EUR/CHF Forex signal for February 24, 2017 here.
Get the EUR/CHF Forex signal for February 23, 2017 here.
The world’s major markets were trading at least marginally higher last week, for a change.
The world’s major markets were trading mixed yet again last week.
Friday’s trading session marked the final trading session in Q3 and the month of September, the quarterly data will be presented next week. It is the first quarter since the UK’s decision to leave the EU was taken. The world’s major markets were trading mixed last week.