- Euro spiked higher against the Swiss franc to trade near 1.1020 where it found sellers.
- There is a resistance trend line formed on the hourly chart of the EURCHF pair, which acted as a hurdle for more gains.
- Italian Industrial Output released by the National Institute of Statistics posted an increase of 1.9% in Jan 2016, more than the forecast of 0.6%.
- Greece Industrial Production released by the National Statistics Service posted an increase of 4.6% in Jan 2016, less than the last rise of 6.2% (revised).
The Euro spiked sharply against the Swiss franc recently after the release of the ECB interest rate decision. However, there is a resistance trend line formed on the hourly chart of the EURCHF pair, which prevented gains around 1.1020.
The pair is currently trading down, and also closed below the 100 and 50 hourly simple moving average, which is a bearish sign.
On the downside, the pair may move down towards the 200 SMA if sellers remain in action.
Italian Industrial Output
Today, the Italian Industrial Output, which shows the volume of production of Italian industries such as factories and manufacturing was released by the National Institute of Statistics. The market was expecting an increase of 0.6% in Jan 2016, compared with the previous month. . However, the result was above the forecast, as the increase was 1.9%.
The report stated that the “January 2016 the industrial production index seasonally adjusted increased by 1.9% compared with the previous month. The percentage change of the average of the last three months with respect to the previous three months was +0.2%”.
Overall, the Euro may find it tough to trade higher against the Swiss franc as long as it stays below the 100 hourly simple moving average.