Forex: EUR/CHF in session highs above 1.2370

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FXstreet.com (Barcelona) - The pair continues to inch higher on Tuesday, intensifying the outflows from the safe haven CHF after last week's ECB gathering, where President M.Draghi underpinned better prospects for the euro zone in 2013

The research team at RBS recommends "establishing long EUR/CHF exposure at 1.2350, targeting 1.2800 with a stop on a close below 1.2250". "Judging by the pace of EUR/CHF declines before the imposition of the floor and the way spot has hugged the floor during the past year, the CHF seems likely to have seen considerable inflows of scared capital during the European sovereign debt crisis. Stronger risk markets suggest that such flows may now be reversing".

The pair is now advancing 0.21% at 1.2364 and a surpass of 1.2400 (high Dec.8 2011) would expose 1.2444 (high Dec.7 2011) and then 1.2458 (high Nov.8).
On the downside, support levels lie at 1.2290 (61.8% of 1.2470-1.1990) ahead of 1.2235 (intraday support) and finally 1.2171 (Upper Bollinger).



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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