Forex Market: EUR/CHF daily outlook

During yesterday’s trading session EUR/CHF traded within the range of 1.2174-1.2189 and closed at 1.2185.

At 6:45 GMT today EUR/CHF was gaining 0.01% for the day to trade at 1.2188. The pair broke the first key resistance and touched a daily high at 1.2192 at 1:15 GMT.

Fundamental view

The number of unemployed people in Spain probably decreased by 5 300 in March, according to the median estimate by experts. In February people looking for a job were 1 949 less. In case the number of the jobless diminishes more than projected, this would have a bullish effect on the euro. The official data is due out at 8:00 GMT.

Euro zones final annualized Gross Domestic Product probably expanded 0.5% during the last quarter of 2013, which would match the second (revised) growth estimate, announced on March 5th. The quarterly GDP in the region probably rose 0.3% in Q4, again matching the revised estimate. In case regions economy expands more than expected, the single currency would receive support. Eurostat is to publish the official report at 10:00 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/CHF manages to breach the first resistance level at 1.2191, it will probably continue up to test 1.2198. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2206.

If EUR/CHF manages to breach the first key support at 1.2176, it will probably continue to slide and test 1.2168. With this second key support broken, the movement to the downside will probably continue to 1.2161.