According to the recent reports out of Germany, Imports (MoM) and Exports (MoM) in May grew +6.3% (vs. a consensus of +1.3%) and 3.9% (vs. a consensus of +0.5%) respectively. The Trade Balance (May) gave a result of € 15.6B in May, against expectations of € 15.8. Finally, the index of Unemployment Rate in Switzerland yielded a figure of 2.7% in June, against forecasts of 2.9%.
According to the technical analysts ICN.com, "Momentum indicators are trading in overbought areas and that might cause heavy volatility and possible downside corrections." Presently, the cross is falling -0.32% below its opening price level. The next short-term supports are located at 0.9750, 0.9700, and finally 0.9680. On the upside, a penetration of 0.9820 would expose the resistances of 0.9865 and 0.9900.