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Forex Market: EUR/CHF daily outlook

During yesterday’s trading session EUR/CHF traded within the range of 1.2164-1.2204 and closed at 1.2174.

At 7:23 GMT today EUR/CHF was losing 0.04% for the day to trade at 1.2173. The pair touched a session low at 1.2169 at 4:45 GMT.

Fundamental view

The surplus on Euro zones seasonally adjusted current account probably narrowed to 18.4 billion EUR in January, according to the median estimate of experts. In December the surplus figure was 21.3 billion EUR. The official numbers are to be released at 9:00 GMT.

Meanwhile, the preliminary value of the compound index of economic sentiment (ESI) for the Euro zone probably improved to a reading of -12.3 during the current month from -12.7 in February. The European Commission is expected to publish the preliminary data at 15:00 GMT. This survey precedes the final reading by two weeks. A larger than projected improvement in the index would provide support to the single currency.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/CHF manages to breach the first resistance level at 1.2197, it will probably continue up to test 1.2221. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2237.

If EUR/CHF manages to breach the first key support at 1.2157, it will probably continue to slide and test 1.2141. With this second key support broken, the movement to the downside will probably continue to 1.2117.

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