EURCHF has rebounded out of the key resistance level at 1.030 prior to the EUR Consumer Confidence data today. Consumer confidence data is set to be released from both France and Germany today, and given the current tensions in the EU it is likely that consumer confidence will have plummeted. Negative consumer confidence will weigh on the Euro, particularly against the Swiss franc which is deemed a safe haven currency.
Technically the pair is holding below the resistance trendline, has broken the ascending trendline, has bounced from the 1.030 resistance, and is below the moving average ribbon (4H chart). We anticipate continued downside into the recent lows.
Technically the pair is holding below the resistance trendline, has broken the ascending trendline, has bounced from the 1.030 resistance, and is below the moving average ribbon (4H chart). We anticipate continued downside into the recent lows.