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16 Sep 2013
EUR/CHF drops below MAs intersection at 20 and 200 - 1.2374
FXstreet.com (Chicago) - EUR/CHF continues printing lower lows ahead of the European trading session opening to start off a heavy data week. The pair accumulates minimal losses while market participants wait for consumer price indexes later today.
Price action reveals high volatility this year after a period of minor price fluctuations that lasted almost two years. As the European Union economy seems to be picking up slowly as shown by recent data releases, both primary and secondary trends point up. Nonetheless, for the short-term analysis, the pair continues printing lower lows and lower highs and extends the bearish trendline that started last September 11th after retracement from 1.2414 1-month peaks. Offered at 1.2351, the pair oscillates between supports at 1.2332 (September 5th lows), 1.23 (August 11th lows) ahead of 1.2280 (August 30th lows) and resistances at 1.2361 (August 23rd highs), 1.2384 (August 13th lows) followed by 1.2414 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.
Price action reveals high volatility this year after a period of minor price fluctuations that lasted almost two years. As the European Union economy seems to be picking up slowly as shown by recent data releases, both primary and secondary trends point up. Nonetheless, for the short-term analysis, the pair continues printing lower lows and lower highs and extends the bearish trendline that started last September 11th after retracement from 1.2414 1-month peaks. Offered at 1.2351, the pair oscillates between supports at 1.2332 (September 5th lows), 1.23 (August 11th lows) ahead of 1.2280 (August 30th lows) and resistances at 1.2361 (August 23rd highs), 1.2384 (August 13th lows) followed by 1.2414 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.