Financial markets are more than happy to open trade. And for good reason! The head of the Italian Council announced a new austerity plan of about 30 billion euros yesterday which gave hope to traders . This first step opens the European week in good conditions, in contrast to previous weeks that had been polluted by different voltages.
The primary appointment of the day is the meeting between Chancellor Angela Merkel and French President Nicolas Sarkozy, who must lead to concrete proposals to strengthen Europe. Leaders are a priori agreement on a treaty change and greater fiscal discipline, but differ on greater involvement of the ECB , an initiative that is supported by Paris, but criticized by Berlin.
At the opening of European trade, the euro was changing around the CHF 1.2358 and continued to increase throughout the morning on the back of traders’ optimism to reach CHF 1.2374 at 11:30 am Paris time.
EURCHF scenario of the day:
The Euro / Swiss Franc was launched yesterday in a strong bull rally and validated over a return of 1.23 with a buy signal. The course has managed to reach the next resistance located at 1.24. The cross EUR / CHF has changed between 1.2225 and 1.2394. For this meeting, the upward trend of the euro should be confirmed, however all the technical indicators argue in this direction. Channel fluctuation to be considered is between 1.22-1.25 , and probably will remain valid until the end of 2011. Note also the pivot point at 1.2298 .
Focus on the fundamentals EURCHF of the day:
All investors have in mind the deadline of December 8 and 9 which could seal the fate of the euro. Without wishing to dramatize maturity, investors expect concrete answers that are quick to reverse the financial markets.The joint central bank last week, which joined the SNB, was an important political and economic signal, which has, in part, the resilience of financial markets this morning. But it will not be enough, and we’ll have to expect more maturity from 8 and 9 December approaches, to renewed volatility in financial markets should not spare the Swiss franc.
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