We saw the key support line of 1.2280 breached in late NY trading but it’s still teasing us this morning given the lack of follow through. Currently 1.2286 after low posts of 1.2276
CHF was a prime mover yesterday but while USDCHF fell rapidly the overall demand for euros on the back of the better PMI data undoubtedly held up the fall in EURCHF, otherwise we would have seen this pair fall a lot quicker.
Even so it’s been ranging beautifully lately as we’ve been pointing out with 1.2370-1.2400 providing resistance on a multiple of occasions. My preference has been trading from the short side as regular readers will know but I’ve been long too on occasion given the range-bound tendency of late.
I shall be watching this level closely for a break lower to 1.2220-50 or hold for a rally back to 1.2330-50. Jury still out for the moment.
EURCHF H1 24 Jan
