EUR/CHF bulls are afraid of 1.2180 resistance

FXStreet (Moscow) - EUR/CHF have been well bid during Asian hours on Tuesday, but the upside is still contained by 1.2180 resistance. The cross touched the high of 1.2182 after opening at 1.2176.

No way out from the range

EUR/CHF finished Monday in the red zone despite positive EUR dynamics across the board. The European stock came under pressure, which pushed the safe-heaven CHF higher against EUR. Though the CHF bulls are unlikely to gain much ground ahead of SNB monetary policy meeting. Most likely, the cross will be nervously oscillating in a narrow range. Swiss producer and import prices published later today are expected to show that the deflationary processes are here to stay. This may revive the speculations about possible monetary easing from SNB and put CHF under pressure.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2179, with support below at 1.2170, 1.2162 and 1.2153 with resistance above at 1.2187, 1.2196 and 1.2204. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.2185 and the daily 20EMA at 1.2194. Hourly RSI is bullish at 65