3 Sep 2013
EUR/CHF finds a base above 1.23
FXstreet.com (Barcelona) - The EUR/CHF foreign exchange cross rate is last trading at bids 1.2327 up +0.23% for the week so far on the back of massive Swiss Franc weakness, despite Euro being weak as well, but not as much.
EUR/CHF supported as legacy CHF long positions chip away
“Net flows through CHF were balanced despite the heavy turnover,” said UBS analyst Gareth Berry, adding: “Behind the scenes, private clients continue to chip away at their legacy long CHF positions. They have been net buyers of EURCHF for 16 out of the past 19 weeks - a vote of confidence that would have been unheard of only last year for example.”
EUR/CHF key technical levels
Immediate resistance to the upside for EUR/CHF shows at recent session/Monday's highs 1.2332/34, followed by August 20 highs at 1.2340, and August 26 highs at 1.2357. To the downside, closest support lies at August 23 lows 1.2317, followed by August 21 lows at 1.2299, and Friday's lows at 1.2280.
EUR/CHF supported as legacy CHF long positions chip away
“Net flows through CHF were balanced despite the heavy turnover,” said UBS analyst Gareth Berry, adding: “Behind the scenes, private clients continue to chip away at their legacy long CHF positions. They have been net buyers of EURCHF for 16 out of the past 19 weeks - a vote of confidence that would have been unheard of only last year for example.”
EUR/CHF key technical levels
Immediate resistance to the upside for EUR/CHF shows at recent session/Monday's highs 1.2332/34, followed by August 20 highs at 1.2340, and August 26 highs at 1.2357. To the downside, closest support lies at August 23 lows 1.2317, followed by August 21 lows at 1.2299, and Friday's lows at 1.2280.