Forex: EUR/CHF stabilizes around 1.2355/60
Forex pairs in this Article »
EUR/CHF
FXstreet.com (Barcelona) - Since recent tops just above the 1.2500 figure, the Swiss franc has been appreciating against the single currency, dragging EURCHF to weekly lows in the boundaries of 1.2330
In the opinion of Camilla Sutton, Chief Currency Strategist at Scotiabank, the FX reserve allocation has been a key catalyst for the EUR, CAD and AUD in late quarters. After the release of the SNB's Q4 reserve holdings, the expert assessed "The allocations to the USD (28%), GBP (7%), CAD (4%) and other (4%) were flat whereas the weighting of EUR increased to 49% at the expense of JPY, which fell from 9% to 8%. This provides an early indicator of what has been a major theme in January the redistribution of holdings back into EUR".
At the moment, the pair is down 0.01% at 1.2356 with the next support levels at 1.2327 (low Jan.23) ahead of 1.2323 (MA21d) and finally 1.2307 (low Jan.15).
On the flip side, a breakout of 1.2411 (MA10d) would expose 1.2515 (high Jan.29) and then 1.2573 (2013 high Jan.18).
In the opinion of Camilla Sutton, Chief Currency Strategist at Scotiabank, the FX reserve allocation has been a key catalyst for the EUR, CAD and AUD in late quarters. After the release of the SNB's Q4 reserve holdings, the expert assessed "The allocations to the USD (28%), GBP (7%), CAD (4%) and other (4%) were flat whereas the weighting of EUR increased to 49% at the expense of JPY, which fell from 9% to 8%. This provides an early indicator of what has been a major theme in January the redistribution of holdings back into EUR".
At the moment, the pair is down 0.01% at 1.2356 with the next support levels at 1.2327 (low Jan.23) ahead of 1.2323 (MA21d) and finally 1.2307 (low Jan.15).
On the flip side, a breakout of 1.2411 (MA10d) would expose 1.2515 (high Jan.29) and then 1.2573 (2013 high Jan.18).
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