CORRECTION: EUR/CHF, consolidating above 1.3100 area

FXstreet.com (Barcelona) - Euro decline from 1.3900 area on early August extended last week to fresh all-time lows below 1.3000, bottoming at 1.2850 on August 31, to pick up during the second half of the week, as risk appetite improved, and consolidate during Monday's Asian session, at levels between 1.3080 support and 1.3165 resistance.

Friday's squeeze higher was capped at 1.3160 and following retreat found support at 1.3060, which according to the FXMarketAlerts Team, is a key level to maintain the near-term uptrend: "The mkt. peaked at 1.3163 on Fri and the initial reaction off the top was held at 1.3055/60. This is first sup. now and a break here would suggest a further decline to next sup. area at 1.3000/10."

On the upside, 1.3123 level would encourage bulls for further recovery, says the FXMarketAlerts Team: "A move above today's high at 1.3123 should swing the bias back to the upside."


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