EURCHF Improved Prospects

by Ashraf Laidi

Feb 19, 2009 13:16

Swiss franc intensifies losses after the Swiss Govt's support of UBS announcement to release the names of US clients suspected of tax fraud. The Swiss Fin Ministers claims that a deal with the US DoJ was necessary to stave off a threat to the Swiss economy is proving increasingly bearish to the currency. EURCHF hits 4-day high above 1.49, nearing the 1.51 TL resistance as an interim pressure point. Increased bids are particularly seen in the event of a pick up in global appetite, with the 1.5120 high seen as a med. term target. The 1.52 top of the channel stands just below the 1.5260s, which is the 50% retracement of the decline from the Dec high to the Jan low.

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