fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/CHF Weekly Outlook  Mon Apr 01, 2013 11:19 am | |
| EUR/CHF Weekly Outlook The break of 1.2168 indicates that fall from 1.2390 has resumed last week. Such decline is viewed as another leg of the correction pattern from 1.2568. Bias is mildly on the downside for 1.2118 and below. Though, strong support is expected above SNB's 1.2 floor to contain downside and bring rebound. On the upside, above 1.2253 minor resistance will turn bias neutral and bring sideway trading. And, decisive break of 1.2390 resistance is now needed to indicate underlying momentum. Otherwise, outlook will stay neutral in near term. In the bigger picture, outlook is a bit mixed for the moment. The fall from 1.2568 to 1.2118 was much deeper than expected but it's corrective looking. We'd still favor more upside in the cross after last week's development, to 38.2% retracement of 1.6827 to 1.0061 at 1.2646. But, would prefer to see sustained break of 1.2390 resistance to give us more confidence on this view.  | |
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