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14 Mar 2013
Forex: USD/CHF rising towards last Friday's highs at 0.9550 area
The upside seen since February, after testing the 0.9100 mark, has gone as high as 0.9552 last Friday. This week's profit taking pulled the pair to 0.9430 low yesterday before the new up move that is currently underway. The USD/CHF is already at 0.9536 high.
The ECB monthly report and EMU employment change are the main attraction in the European morning, along with the EU Summit meeting that starts today, focusing on promoting growth and on national economic policies. “There were some expectations that a bailout for Cyprus would be resolved at this week’s meetings, but that was denied by a German government official yesterday”, wrote TD Securities analysts.
“The Elliott wave count is implying that we will see a retracement to 0.9396, 0.9350 ahead of the next leg up”, wrote Commerzbank analyst Karen Jones, pointing to initial target at 0.9595/0.9609 the January 2012 high and 61.8% retracement of the move down from the 2012 peak.
The ECB monthly report and EMU employment change are the main attraction in the European morning, along with the EU Summit meeting that starts today, focusing on promoting growth and on national economic policies. “There were some expectations that a bailout for Cyprus would be resolved at this week’s meetings, but that was denied by a German government official yesterday”, wrote TD Securities analysts.
“The Elliott wave count is implying that we will see a retracement to 0.9396, 0.9350 ahead of the next leg up”, wrote Commerzbank analyst Karen Jones, pointing to initial target at 0.9595/0.9609 the January 2012 high and 61.8% retracement of the move down from the 2012 peak.