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Forex: EUR/CHF consolidates between 1.2085/90

By FXstreet.com,  January 07, 2013, 03:40:00 AM EDT

FXstreet.com (Barcelona) - The pair remains in a congestive pattern at the beginning of the week, trading within 1.2085 and 1.2090 after December's SNB reserves rose to CHF 427.2 billion, slightly below November's CHF 427.38 billion.

According to M.Mohi-uddin, Head of FX Strategy at UBS, "Our base case remains for the Swiss National Bank to keep its minimum 1.20 floor in EURCHF throughout 2013. Any pressure to push the floor higher will come if Switzerland's mild deflation worsens again or if economic growth falters".

As of writing, the cross is losing just 0.01% at 1.2088 with the next support at 1.2058 (Lower Bollinger) ahead of 1.2051 (low Dec.7) and then 1.2030 (low Nov.28).
On the upside, a breakout of 1.2102 (high Dec.19) would aim to 1.2112 (Upper Bollinger) and 1.2129 (high Dec.6).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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