EUR/CHF is glued to 1.2200

FXStreet (Moscow) - EUR/CHF has frozen to the pivotal level of 1.2200? intraday range is limited by 10 pips

EZ news will overshadow the Swiss data

Trade balance and export/import data is of interest today, as it will show if the trade position oа the country is improving (the surplus is expected to grow from 2.61b in February to 2.79B in March). Numbers in line or better that expected might push CHF higher across the board, though a strong reaction in unlikely. Later during European hours don’t miss German IFO report and Draghi’s speech as they have a good potential to move the markets. From the technical point of view, as long as 1.2225 resistance is intact, the cross will continue to consolidate within its current range with bearish bias. The closest support comes at 1.2200.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2208, with support below at 1.2191, 1.2174 and 1.2157 with resistance above at1.2225, 1.2242 and 1.2259. Hourly Moving Averages are neutral, with the 200SMA at 1.2185 and the daily 20EMA at 1.2193. Hourly RSI is bullish at 50.