EUR/CHF upside attempts remain limited below 0.9730
22.04.2024, 15:35

EUR/CHF upside attempts remain limited below 0.9730

  • The Euro bounced up strongly after Friday's reversal, but it has stalled below the 0.9730 - 40 area.
  • Weak eurozone Consumer Confidence data has eroded confidence in the Euro.
  • Failure to extend gains beyond 0.9740 might give hope for bears to retest 0.9675.


The Euro bounced up sharply after fears of an escalation of the Middle East conflict pulled the pair to test the lowest levels in the last six weeks. The pair returned to previous levels, favoured by a frail risk appetite but it remains capped below previous support at 0.9730 - 40 so far.

In the Eurozone, the unexpected deterioration of the region’s Consumer Confidence Index has failed to provide confidence in the pair. Somewhat later ECB Chair Lagarde will meet the press. She will likely confirm that the Bank is planning to start lowering rates soon, probably in June. The risk of the Euro is skewed to the downside.

On Tuesday, the Eurozone PMI data will provide further insight into the area’s growth prospects and might give some guidance to the common currency. In Switzerland, the ZEW survey, on Wednesday and, above all, SNB’s Jordan speech on Thursday will be the highlights of the week.

From a technical perspective, the failure to extend gains beyond 0.9730 leaves the pair in no man’s land. Above here, the next target would be the April 11 high, at 0.9815 and the April 5 high at 0.9850. Immediate support remains at 0.9675. Below here, 0.9620 and 0.9560 will be targeted.

EUR/CHF

Overview
Today last price 0.9706
Today Daily Change 0.0008
Today Daily Change % 0.08
Today daily open 0.9698
 
Trends
Daily SMA20 0.9753
Daily SMA50 0.9646
Daily SMA100 0.9519
Daily SMA200 0.9554
 
Levels
Previous Daily High 0.9716
Previous Daily Low 0.9565
Previous Weekly High 0.974
Previous Weekly Low 0.9565
Previous Monthly High 0.982
Previous Monthly Low 0.9552
Daily Fibonacci 38.2% 0.9623
Daily Fibonacci 61.8% 0.9658
Daily Pivot Point S1 0.9603
Daily Pivot Point S2 0.9508
Daily Pivot Point S3 0.9452
Daily Pivot Point R1 0.9755
Daily Pivot Point R2 0.9811
Daily Pivot Point R3 0.9906

 

 

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