Forex: EUR/CHF declines off daily high ahead of US open (Barcelona) - EUR/CHF has declined from its morning high of 1.2102 following a morning of dramatic movement following the German ratification of the ESM.

Currently trading at 1.2081, the upside momentum looks to have subsided for the day as we head towards a US session absent of any significant fundamental data. Italian PM Monti has been quoted recently as saying that the German Court decision has removed final obstacle to the fiscal compact. US MBA Mortgage Applications have also surprised significantly to the upside at 11.1% against -2.4% forecasted by analysts. The team at Forex Ticket see price continuing to range between 1.21 and 1.2065 in the build up to the US open.

European Equities are higher on the day but significantly off their highs whist US futures are indicating a higher open. Commodities are up, almost across the board and critical European yields remain stable.

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