EUR/CHF under pressure despite “uplifting” euro land data

FXstreet.com (Athens)- The EUR/CHF is heading downwards despite the fact that in a very light calendar day euro zone data released at very positive levels.

EUR/CHF moves lower on sparse but great Euro land data against the downtrodden “Swissie”

The Sentix Investor Confidence index released much better than expected at +6.5 versus -3.5 expected and -4.9 the prior one. While the Sentix indicator release implied that sentiment is indeed turning in the Euro-Zone, the pair could not move in the upper level. Traders might not find “out of the blue” the common currency behavior, as we amidst German elections, political turmoil in Cyprus and Italy and ahead of a third bailout package in Greece. The today’s Swiss data came exactly in line with the forecasting but what matter most at the moment is that Syria’s jitters and the sabre-rattling between Russia and the United States, showing that an invasion to Syria might come “sooner” than “later”.

Technical outlook on EUR/JPY

At the time of writing, EUR/CHF is trading as of 1.2358, up 0.02%, not far away from its daily low of 1.2354. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.2288, 1.2257, 1.2227, and resistance at 1.2378, 1.2409 and 1.2434, respectively.