6 Jun 2014
EUR/CHF bears don't want to rest on laurels
FXStreet (Moscow) - EUR/CHF touched the low of 1.2173 after opening at 1.2178 in Asia; the trading activity is low ahead of Swiss inflation data
Down the drain
EUR/CHF was a big loser yesterday, as the cross tumbled to 1.2170 before it managed to find some support. Ironically, EUR/CHF did not recover from losses while other EUR crosses regained the positions by the end of the day. Swiss currency was in demand despite positive European stock market dynamics caused by ECB monetary policy decision, and even despite the speculations about possible symmetric actions from SNB. This oddity may be partially explained by technical factors as the cross broke out from the wedge formation. The downside trend may continue with the first target at 1.2250, though if Swiss inflation data published later today come out weaker than expected, the cross could start the upside correction, which is likely to be capped by 1.2190/00.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2186, with support below at 1.2162, 1.2147 and 1.2123 with resistance above at 1.2201, 1.2225 and 1.2240. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.2211 and the daily 20EMA at 1.2206. Hourly RSI is bearish at 36
Down the drain
EUR/CHF was a big loser yesterday, as the cross tumbled to 1.2170 before it managed to find some support. Ironically, EUR/CHF did not recover from losses while other EUR crosses regained the positions by the end of the day. Swiss currency was in demand despite positive European stock market dynamics caused by ECB monetary policy decision, and even despite the speculations about possible symmetric actions from SNB. This oddity may be partially explained by technical factors as the cross broke out from the wedge formation. The downside trend may continue with the first target at 1.2250, though if Swiss inflation data published later today come out weaker than expected, the cross could start the upside correction, which is likely to be capped by 1.2190/00.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2186, with support below at 1.2162, 1.2147 and 1.2123 with resistance above at 1.2201, 1.2225 and 1.2240. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.2211 and the daily 20EMA at 1.2206. Hourly RSI is bearish at 36