FOREX: EURCHF Edges Further Away From 0.9200, Testing 50-Day EMA
Nov-19 12:46
- Alongside the yen, the Swiss Franc underperformed across the G10 on Tuesday, assisting EURCHF’s move further away from the recent false break below 0.9200. Given the significance of the cluster support around this mark, the rejection and subsequent reversal bolster the argument for a stronger short-term recovery.
- Alongside the technical arguments, positioning dynamics may be assisting the squeeze, as any post US/Swiss trade deal optimism loses traction.
- Indeed, EURCHF gains are extending today, and a higher close would mark a fourth day of gains. A break above the 50-day EMA, which intersects at 0.9293, would then target downtrend resistance at 0.9334.
- Separately, while the USD index was able to momentarily recover past the Aug 01 high, USDCHF remained shy of its corresponding target. This level remains around 2% from current spot levels, at 0.8171. The solid bounce from 0.7875 and today’s consolidating price action above the psychological 0.8000-mark signals scope for further strength ahead.
- Next week’s sport event adjusted GDP will be a final reading, meaning that the domestic calendar remains light until November CPI on Dec 03. The final SNB meeting of the year is on Dec 11.
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