EUR/CHF Breakout Or Trend Reversal?
EUR/CHF has made fresh intra-day lows and is now close to the daily opening level.
1.2400 is a key support level and traders will no doubt be positioned accordingly, in light of current events regarding euro debt, which will add significant order flow.
EUR/USD has bounced off the 1.4000 level but is still well down on the day.
The Swiss Franc has been one of the strongest currencies recently and a safe haven in these troubled times as can be seen with the strong USD/CHF down trend.
The relative strength correlation charts favour a breakout, as can be seen below with 4hr, daily and weekly timeframe showing Swiss Franc strength over the Euro.
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