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29 May 2015

EUR/CHF off highs, back to 1.0340

FXStreet (Edinburgh) - The Swiss franc is now shedding part of the recent strong gains vs. the euro, with EUR/CHF now returning to the 1.0340 area.

EUR/CHF upside capped by 1.0500

The cross is extending its correction lower from April/May tops in the 1.0500 neighbourhood, albeit keeping the trade within the broader 1.0250-1.0500 range. In the meantime, the safe haven CHF continued to gather traction in recent weeks following increasing concerns about the EU-Greek debt talks.

In the data front, the Switzerland economy contracted 0.2% inter-quarter during Q1 and 1.1% on a yearly basis, while the KOF Leading Indicator improved to 93.1 for the month of May vs. 90.0 expected and 89.8 previous.

EUR/CHF levels to consider

The cross is now up 0.02% at 1.0339 with the next hurdle at 1.0376 (daily cloud base) followed by 1.0382 (38.2% of 1.0505-1.0306) and finally 1.0405 (50% of 1.0505-1.0306) .On the other hand, a breach of 1.0305 (low May 7) would expose 1.0236 (low Apr.20/21) and then 1.0213 (low Jan.29).
May 29, 2015

Italy Producer Price Index (YoY) up to -2.3% in April from previous -2.4%

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May 29, 2015

‘We are dedicated to have Greece staying in the euro zone’ – EU’s Moscovici

Greece's exit from the euro zone is not an option for the European Commission, according to European Economic and Monetary Affairs Commissioner Pierre Moscovici, contradicting earlier comments made by International Monetary Fund Director Christine Lagarde who said such a possibility still exists.
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