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27 Aug 2013
EUR/CHF under pressure on Syrian jitters
FXstreet.com (Athens) -The EUR/CHF on a downtrend pattern on Tuesday, as ‘Syria’s case’ damp investors’ risk appetite.
EUR/CHF heading downwards on geopolitical issues
The pair is trading downwards on Tuesday, after four consecutive uptrend days. Despite Germany's most prominent leading indicator, measuring business sentiment (i.e. IFO), increased at very encouraging levels, the single currency lost ground against the ‘Swissie’. However, traders might find the prevailing ‘risk-aversion’ trend across the board, on Tuesday, more plausible than surprising. We are ahead of German elections and we should also bear in mind the likelihood of the US reaching its debt ceiling by October. Last but surely not least, John’s Kerry hawkish stance against Syria, brought ‘bears’ back in leading position.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2298, down 0.35%, not far away from its daily low of 1.2288. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2378, 1.2409 and 1.2434, respectively.
EUR/CHF heading downwards on geopolitical issues
The pair is trading downwards on Tuesday, after four consecutive uptrend days. Despite Germany's most prominent leading indicator, measuring business sentiment (i.e. IFO), increased at very encouraging levels, the single currency lost ground against the ‘Swissie’. However, traders might find the prevailing ‘risk-aversion’ trend across the board, on Tuesday, more plausible than surprising. We are ahead of German elections and we should also bear in mind the likelihood of the US reaching its debt ceiling by October. Last but surely not least, John’s Kerry hawkish stance against Syria, brought ‘bears’ back in leading position.
Technical outlook on EUR/CHF
At the time of writing, EUR/CHF is trading as of 1.2298, down 0.35%, not far away from its daily low of 1.2288. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2378, 1.2409 and 1.2434, respectively.