• 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


Today last price 1.0094
Today Daily Change -0.0064
Today Daily Change % -0.63
Today daily open 1.0158
Daily SMA20 1.0311
Daily SMA50 1.032
Daily SMA100 1.0314
Daily SMA200 1.0428
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



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