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18 Oct 2013
EUR/CHF digesting gains after break above resistance at 1.2346
FXstreet.com (Barcelona) - The EUR/CHF closed above “correction resistance” at 1.2346 Wednesday and has since been in the early stages of a short-term consolidation / correction.
EUR/CHF traders to rely on technicals Friday
With a dearth of data points from Europe and Switzerland Friday, EURCHF traders will have to be reliant on recent momentum – of which there is not much – and technical influences – where the picture is not as clear as technicians would like.
Technical outlook for EUR/CHF
Technicians say the next two upside targets for EUR/CHF now that it took out “correction resistance” at 1.2346 are Fibonacci projections at 1.2378 and 1.2398. Support for the cross comes in at 1.2318 – the 200-day moving average and then Thursday’s low at 1.2310.
EUR/CHF traders to rely on technicals Friday
With a dearth of data points from Europe and Switzerland Friday, EURCHF traders will have to be reliant on recent momentum – of which there is not much – and technical influences – where the picture is not as clear as technicians would like.
Technical outlook for EUR/CHF
Technicians say the next two upside targets for EUR/CHF now that it took out “correction resistance” at 1.2346 are Fibonacci projections at 1.2378 and 1.2398. Support for the cross comes in at 1.2318 – the 200-day moving average and then Thursday’s low at 1.2310.