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Fundamental Analysis
Daily market analysis and financial news by Vesta Trader
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[QUOTE="vesta trader, post: 69330, member: 31780"] [b]Euro Remains a Buy on Dips Against Swiss Franc[/b] The Euro finally managed to jump higher against the Swiss franc during this past after trading as low as 1.2043. One of the main reasons for the gains in the EURCHF pair was the Swiss National Bank mentioning the possibility of negative rates. The central bank reiterated that the Swiss franc is overvalued and they cannot afford it to happen in the near term. The EURCHF pair traded back above the 1.2080 and cleared an important resistance, which has opened the doors for further upside acceleration according to simple Forex strategy. Technically, there is a monster trend line forming on the hourly chart of the EURCHF pair, which might ignite one more leg higher if the pair falls closer to the mentioned trend line. However, there are several other support levels on the way down for the pair, starting with the 100 hourly moving average and followed by the 200 hourly moving average. The most critical support is around the 1.2075-80 levels, where the 200 hourly moving average and the 61.8% fib retracement level of the last move from the 1.2043 are sitting. So, if the pair dips from the current levels, then a solid buying interest might be seen around the mentioned area. EURCHF 09.15.2014 [IMG]http://blog.vestatrader.com/wp-content/uploads/2014/09/EURCHF-09.15.2014-1024x503.png[/IMG] On the upside, the 1.2100 level is a major hurdle for EURCHF pair. If the pair manages to close above the mentioned level, then there is a chance of a move towards the 1.2150 level in the near term. [/QUOTE]
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