• Swiss franc among top performers on Thursday.
  • Eurozone and US data add to concerns about the growth outlook.
  • EUR/CHF approaches parity again, bearish pressure intact while under 1.0150.

After moving sideways for four days, EUR/CHF broke to the downside falling to as low as 1.0067, the lowest level since early March. The cross remains under 1.0100, about to post the second-lowest daily close since 2015.

A recovery back above 1.0150 should alleviate the bearish pressure. On the downside, support levels might be seen at 1.0040 followed by the parity zone and then the February low at 0.9970.

Yields down for the wrong reasons

Eurozone June PMIs surprised sharply to the downside across the service and manufacturing indices. For the region, the headline manufacturing came in at 52.0 against a market consensus of 53.8 down from 54.6 while the service dropped from 54.8 to 51.9.

“June PMI data show Europe teetering on the brink of recession. We now expect the euro area to enter into a mild recession in 2022H2”, wrote analysts at TD Securities. They point out that central banks, including the European Central Bank are likely to continue down their plotted paths for now, but they expect them to turn more cautious in their tone into year-end.

Easing tightening expectations from the European Central Bank have eased following the negative economic reports. The German 10-year yield is falling more than 10%, as it stands at 1.42% (on Monday it was at 1.80%). Even Italian yields are lower with the 10-year at 3.48%, the lowest since June 9.

Technical levels

EUR/CHF

Overview
Today last price 1.0094
Today Daily Change -0.0064
Today Daily Change % -0.63
Today daily open 1.0158
 
Trends
Daily SMA20 1.0311
Daily SMA50 1.032
Daily SMA100 1.0314
Daily SMA200 1.0428
 
Levels
Previous Daily High 1.0189
Previous Daily Low 1.0132
Previous Weekly High 1.0479
Previous Weekly Low 1.0098
Previous Monthly High 1.0516
Previous Monthly Low 1.0228
Daily Fibonacci 38.2% 1.0154
Daily Fibonacci 61.8% 1.0167
Daily Pivot Point S1 1.013
Daily Pivot Point S2 1.0103
Daily Pivot Point S3 1.0074
Daily Pivot Point R1 1.0187
Daily Pivot Point R2 1.0216
Daily Pivot Point R3 1.0243

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 

EUR/USD News

GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 

GBP/USD News

Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures