EUR/CHF 4H Chart 9:10 AM EDT 6/29/2012
The EUR/CHF has been under a sedated slumber, waking up briefly to go to the bathroom before coming back to lie near the 1.20 floor defended by the Swiss National Bank (SNB). In the 4H chart the spike looks very sharp, but only relative to the 10-pip or so range the market has been in throughout June. In fact the “spike” is 25 pips or so since the start of the 6/29 European session.
As we get into the 6/29 US Session, the key resistance pivot to monitor will be near the 1.2065 area.
Above that, the 1.2125-1.2145 area contain some key resistance pivots, and should be the limit to any bullish outlook for now. Traders should be aware that previous spikes since the floor has been set, have retreated quickly. So it may be prudent to lock in any profits from this spike early before the EUR/CHF falls back to sleep again near the 1.20 floor.
EUR/CHF Daily Chart 9:12AM EDT 6/29/2012
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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