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5 Jun 2013
EUR/CHF operating below 1.2400 region
FXstreet.com (Barcelona) - The EUR/CHF has been relatively muted Wednesday, despite falling below the key 1.2400 region earlier during European trading.
In terms of economic data, in the EMU, Markit Services PMI came in at 47.2 in May, missing expectations of 47.5. Moreover, the Markit PMI Composite recorded 47.7, matching its projections in May. Meanwhile in Germany, the Markit Services PMI yielded a figure of 49.7, vs. estimates calling for 49.8.
At the time of writing, the cross is operating off its highs (1.2415) at 1.2386/87, whilst operating at opening levels during European trading. Technically speaking, “There is a strong support at 1.2329 – while this holds and as MACD is above its zero line, the potential is for resumption of upside, while resistance is at 1.2487 ahead of 1.2573, suggesting a bullish outlook.” notes Gareth Berry, a Research Analyst at UBS.
In terms of economic data, in the EMU, Markit Services PMI came in at 47.2 in May, missing expectations of 47.5. Moreover, the Markit PMI Composite recorded 47.7, matching its projections in May. Meanwhile in Germany, the Markit Services PMI yielded a figure of 49.7, vs. estimates calling for 49.8.
At the time of writing, the cross is operating off its highs (1.2415) at 1.2386/87, whilst operating at opening levels during European trading. Technically speaking, “There is a strong support at 1.2329 – while this holds and as MACD is above its zero line, the potential is for resumption of upside, while resistance is at 1.2487 ahead of 1.2573, suggesting a bullish outlook.” notes Gareth Berry, a Research Analyst at UBS.