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EUR/CHF Classical Technical Report 09.30

EUR/CHF Classical Technical Report 09.30

2011-09-30 12:02:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:
EURCHF_Classical_Technical_Report_09.30_body_Picture_31.png, EUR/CHF Classical Technical Report 09.30

EUR/CHF: The EUR/CHF has been stuck in an exceptionally narrow range the past few weeks, but that’s expected given Swiss National Bank mandate of a 1.2000 exchange rate floor. With the floor set to be in place, we’ve seen major lows being built into the pair – just above 1.0200, 1.1000 and now 1.2000. Should the floor be removed, the EUR/CHF would look for a test of 1.1975 before a significant move lower, in what could be dramatic selling towards parity. Similarly, with downside pressure building into the Euro, if markets do decide to test the Swiss National Bank’s composure, the 20-EMA at 1.2037 is the first level of support on the way down.

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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