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Euro/Swiss Franc Meets Technical Resistance

Posted by WorldWideMarkets . on Sep 13, 2013 3:31:00 AM
Ignoring the daily trading moves, the euro is again bumping up against technical resistance on the Swiss franc between 1.2435 and 1.2450. The franc was the European safe haven of choice (granted there aren’t many) during the euro zone crisis and was also bid as tensions on Syria rose. Now the franc has been sold off as the euro zone economy improves and after Russia offered U.S. President Barack Obama a way out of attacking Syria.
    The Fed meeting next week will impact the dollar/franc and there is further event risk with the Swiss National Bank meeting next Thursday. Don’t expect any policy changes from the SNB who would still like to see the franc weaken. Overall, the franc is in decline because of factors outside Swiss control and few will be upset by that. Dollar flows will impact the franc directly and by buffeting the euro which will impact the euro/Swiss franc cross. Eventually technical barriers to the upside will be taken out. With other currencies in longer term uptrends, the Swiss franc is healthy but looking downhill. swiss franc trading  

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