Wednesday, March 17, 2010

The Advisor Weblog

The Advisor Weblog

EUR/CHF 17 months lows and running

Posted: 17 Mar 2010 07:49 AM PDT

EUR/CHF has reached a 17 months low at 1.4475, rebounding to current 1.4492 area; despite several non official attempts from SNB to halt current Swiss Franc strong rally against Euro, the pair remains strongly bearish printing fresh lows on daily basis. Rumored intervention had not been able to halt the rally, and at this point, chances of a rate hike in Switzerland are just pushing the pair lower. Technically, the pair shows oversold conditions in multiple time frames but far from pointing a reversal; under current daily low, next midterm target area comes at 1.4315, October 2008 monthly low. Short term supports lie at 1.4475, 1.4430 and the 1.4400 zone. The upside now likely to remain limited by 1.4510 resistance area, and 1.4535, 20 SMA in the 4 hours chart.
Posted by at 6:23 PM

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