8 Apr 2014
EUR/CHF is sleeping at 1.2200 pivotal level
FXStreet (Moscow) - EUR/CHF is as quiet as a mouse at the pivotal level of 1.2200; waiting for new catalysts
1.2200 attracts EUR/CHF like a magnet
EUR/CHF dropped to the support area of 1.2195-1.2200 on Friday despite euro rally across the board as Swiss inflation data came out slightly higher than expected (+0/4% m/m, 0/0% y/y). The Swissy was driven mostly by general risk sentiments on Monday and grew as the European stocks tumbled down. Today we have another important report from Switzerland, namely, the retail sales that are expected to grow by 0.9% in February against 0.3% in January. Positive data may increase the selling pressure on the cross, but it would hardly be able to trigger the sustained breakdown below the pivotal level of 1.2200. EUR/CHF may recover to 1.2230, but the upside will be limited if the European stock markets continue to correct lower.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2209, with support below at 1.2187, 1.2172 and 1.2150 with resistance above at 1.2224, 1.2246 and 1.2261. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.2201 and the daily 20EMA at 1.2195. Hourly RSI is bearish at 40.
1.2200 attracts EUR/CHF like a magnet
EUR/CHF dropped to the support area of 1.2195-1.2200 on Friday despite euro rally across the board as Swiss inflation data came out slightly higher than expected (+0/4% m/m, 0/0% y/y). The Swissy was driven mostly by general risk sentiments on Monday and grew as the European stocks tumbled down. Today we have another important report from Switzerland, namely, the retail sales that are expected to grow by 0.9% in February against 0.3% in January. Positive data may increase the selling pressure on the cross, but it would hardly be able to trigger the sustained breakdown below the pivotal level of 1.2200. EUR/CHF may recover to 1.2230, but the upside will be limited if the European stock markets continue to correct lower.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2209, with support below at 1.2187, 1.2172 and 1.2150 with resistance above at 1.2224, 1.2246 and 1.2261. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.2201 and the daily 20EMA at 1.2195. Hourly RSI is bearish at 40.