By TraderVox.com
Tradervox.com (Dublin) – There is one event scheduled for release this week from Switzerland which has given the pair quite a quiet week. Last week, the US and Swiss data did not impress the market with US unemployment and Manufacturing numbers registering a below-market-expectation performance; on the other hand, the Swiss ZEW Economic Sentiments was in the negative territory.
This week, the KOF Economic Barometer report will be released on Friday at 0700hrs GMT. This is an important Index as it comprises 12 economic indicators in the Swiss economy. The Index came in at 1.0 level in June. The market expects this trend to continue with 1.24 points expected. The pair is expected to trade within range this week with no breach of critical levels.
Some of the technical levels to look at this week include from the top, the resistance line of 1.0368 has not been tested since August 2010. The next resistance line would be the one at 1.0220 followed by 1.0136; this resistance line has not been breached since September 2010. The other resistance line that has not been tested since 2010 is the one at 1.0066; which completes the highest level resistance lines. The pair is expected to remain below these resistance levels during the week.
The other resistance lines that have shown firmness this year are include the parity line and the weak resistance at 0.9915 which held firm last week despite the Swiss Franc showing some weaknesses. This week, the pair will continue to test this like with a slim chance of breaking it. After this resistance line is the line at 0.9783, which was touched as the pair dropped from its high last week.
Support levels for the cross include support at 0.9719. This support has strengthened over the week as the pair moves higher. 0.9510 has provided the pair with strong support; it has held strong since earlier this month. Other support levels for this pair are 0.9412, 0.9317, and finally 0.9250.
The market expects the pair to remain neutral this week, with movement held within range of 0.9719 and 0.9915.
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