Euro/Swiss Franc (EUR/CHF) Exchange Rate
EUR/CHF Pivot Points
EUR/CHF Latest Updates
As risk-off sentiment returned on the back of a surge in confirmed Covid-19 cases in China, the Swiss Franc is attracting bids.
This currency pair is exposed to central banks on a mission to devalue their respective currencies.
With the long-term downtrend in this currency pair intact, supported by fundamental developments, the short-term technical picture suggests a short-covering rally is pending.
Upward revisions to final December PMI data across the Eurozone and better-than-expected retail sales failed to boost the Euro significantly
While the long-term outlook for the EUR/CHF remains bearish, a short-term recovery is favored to take this currency pair out of extreme oversold conditions.
Preliminary PMI data out of France, Germany, and the Eurozone as a whole will provide the next fundamental catalyst for the EUR/CHF.
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.