Swissquote Daily Technical Report: EUR/CHF – Persistent selling pressures in place


In Swissquote’s Friday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for EUR/CHF (1.20 floor in play) and GBP/USD. To view and download the entire report, click here (PDF).

EUR/CHF: Persistent selling pressures in place

• EUR/CHF has made new lows, confirming persistent short-term selling pressures. The support at 1.2063 (10/12/2012 low) has been breached. Another support stands at 1.2030 (28/11/2012 low). Hourly resistances can be found at 1.2093 (26/08/2014 high) and 1.2121 (15/08/2014 high).

• In September 2011, the SNB put a floor at 1.2000 in EUR/CHF, which is expected to hold in the foreseeable future

eurchf

GBP/USD: Trying to bounce

• GBP/USD is trying to bounce after its bullish intraday reversal made on 25 August. However, a
decisive break of the hourly resistance at 1.6601 (21/08/2014 high) is needed to suggest weakening selling pressures. Other hourly resistances can be found at 1.6679 and 1.6739. Hourly supports stand at 1.6537 and 1.6501 (25/08/2014 low).

• In the longer term, the break of the key support at 1.6693 (29/05/2014 low, see also the 200 day moving average) invalidates the positive outlook caused by the previous 4-year highs. However, the lack of medium-term bearish reversal pattern and the short-term oversold conditions do not call for an outright bearish view. A key support stands at 1.6460 (24/03/2014 low).

gbpusd

Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.

Related News

arrow

Swissquote Daily Technical Report: EUR/CHF - Persistent selling pressures in place

0

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: