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Forex pairs in this Article » EUR/CHF (Barcelona) - Having found support at 1.2054 at the Asia open, EURCHF has gradually climbed overnight and into the European session.

Currently trading at 1.2067 below the morning high of 1.2071, spot has attempted to move above the hourly 50 MA at 1.2068 three times, just below R1 resistance at 1.2076. Data wise, this morning has seen Spanish PMI disappoint expectations at 43.5/44, Italian PMI has come in line at 45.5, French PMI has come in at 43.7 against expectations of 43.5, German PMI also beat expectations at 46/45.7 and EU PMI has also bettered forecasts at 45.4/45.3.

To complete the European calendar at 09:30 GMT we have UK PMI Construction. However, the headline events of the day come in the build up to the US session where NFP's, US and Canadian Unemployment are due at 12:30 GMT.

Arnauld Jeulin of is neutral on the pair seeing support and resistance at 1.2065/1.2035/1.2010 and 1.2080/1.2110/1.2140. Elsewhere, European stocks remain marginally down alongside the majority of commodities while critical yields remain stable.
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