EUR/CHF looking for a late Friday rally, taps 0.9660
- The EUR/CHF is seeing a late break heading into Friday's closing bell.
- Market sentiment is seeing a late-week rally as investors take one last dip into the risk well.
- The EUR/CHF pair is up 0.40% bottom-to-top as risk appetite makes a late recovery.
The EUR/CHF dipped to a new low for the week at 0.9623 in early Friday trading before markets saw a broad-base tilt back into risk-on mode, pushing risk assets higher and sending safe havens lower to round out the week's trading.
Pan-EU finalized Harmonized Index of Consumer Prices (HICP) for October came in broadly as expected early Friday, with the month-on-month figure printing at 0.1% and the annualized period into October showing 2.9%.
As inflation cools in the European economy, the outlook for the Euro is leaning towards the downside as an increasingly-dovish European Central Bank (ECB) gets pushed even further away from its hawkish stance.
EUR/CHF Technical Outlook
The Euro's Friday kicker against the Swiss Franc has the pair trading into the week's high side, climbing over the 0.9660 level in the last hour of market trading.
The EUR/CHF has been cycling the 50-day Simple Moving Average (SMA) ever since hitting consolidation back in August, cycling 0.9525 to 0.9600.
The Euro tumbled to a yearly low 0.9417 in October before rallying over 2.6% to Friday's closing bids, but near-term bullish momentum is going to be capped off by the 200-day SMA sinking into 0.9700.
EUR/CHF Daily Chart
EUR/CHF Technical Levels
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
