EURCHF Tests the Upside
EURCHF looks to break out of a 8-month trend line resistance which was dictated by the francs safe haven flows, the deleveraging out of the euro as well as the Eastern European-driven banking woes. But with the ECB the only major central bank without zero interest rates and the Eastern European troubles appearing to have dissipated, EURCHF seems set to a break out of the 1.518 TL resistance, which coincides with the 38% retracement of the decline from the 1.6360 high to the 1.4460 low. And with the Swiss National Bank insisting on keeping its currency weak, the current euro-wide play will also likely help achieve the 1.54 target. Only accelerating declines in equities are seen as the major driver to the downside below the 1.4980 TL support.
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