Forex Flash: EUR/CHF, break of 1.2650 a game changer - JPMorgan
Forex pairs in this Article »
EUR/CHF
FXstreet.com (Barcelona) - The positive bias in EURCHF remains intact as long as 1.2279/68 (int. 38.2 %) is not broken decisively on hourly close (i.e. below 1.2235), according JPMorgan strategists Paul Meggyesi and Thomas Anthonj.
"The upside remains open for an extension into the main T-zone between 1.2478 (reached on Jan 18) and 1.2650 (int. 38.2 % on 2 scales) where the bulls and bears would have to fight it out" the team says.
Paul and Thomas add: "Only a weekly close above the latter would constitute a game change on big scale in favor of a new long-term up-trend whereas below, the market remains vulnerable to another test of the SNB's floor at 1.2000. A break below 1.2268 would indicate the latter, which would have to be confirmed via a breaks below 1.2187 (pivot) and 1.2120 (int. 76.4 %) though."
"The upside remains open for an extension into the main T-zone between 1.2478 (reached on Jan 18) and 1.2650 (int. 38.2 % on 2 scales) where the bulls and bears would have to fight it out" the team says.
Paul and Thomas add: "Only a weekly close above the latter would constitute a game change on big scale in favor of a new long-term up-trend whereas below, the market remains vulnerable to another test of the SNB's floor at 1.2000. A break below 1.2268 would indicate the latter, which would have to be confirmed via a breaks below 1.2187 (pivot) and 1.2120 (int. 76.4 %) though."
Free Annual Reports
