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Forex: EUR/CHF falls on Switzerland real retail sales

By FXstreet.com,  January 16, 2013, 03:24:00 AM EDT

FXstreet.com (Barcelona) - Yesterday's rally was capped by strong resistance at the 1.2400 psychological level (high at 1.2413). During the Asian session, the cross eased across the chart to 1.2370 zone, and the release of the Switzerland Real Retail Sales triggered a market reaction down to 1.2350 and lower.

Real retail sales in Switzerland disappointed by only rising from 2.7% to 2.9% in November, (YoY) while market participants were expecting 3.3% as said by consensus. The EUR/CHF fell to 1.2343 low (yesterday's opening price).
Next in line is Italy trade balance data, followed by the German bund action and the EMU CPI inflation report.

"EUR/CHF has shown signs of strength since 5 September 2012, which increases the likelihood of further medium-term strength", wrote MIG Bank analyst Bijoy Kar. "The break of the resistance at 1.2185 (17/09/2012 high) opens the way for a move towards the strong resistance at 1.2474 (19/10/2011 high)", Kar added.




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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