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19 Mar 2014
EUR/CHF is still sleepy, waiting for catalysts
FXStreet (Moscow) - EUR/CHF is moving within a narrow range early on Wednesday, close to its opening levels of 1.2163
EUR/CHF bulls tread slowly
EUR/CHF touched a new weekly high at 1.2176 and finished Tuesday on a positive note as investors scaled down their risk assessments and prepared for the SNB monetary policy decision scheduled on Thursday. On daily charts the cross is still moving within the sloping channel and the bulls need to break firmly above the pivotal level 1.2200 to brighten the medium term picture. Markets has switched to risk-on mode again, so the Swissy is not so interesting for the investors any more. Unless the geopolitical situation deteriorates sharply, the cross is likely continue its upside rebound up to 1.2200. ZEW publishes its Swiss economic expectations indicator. According to the forecasts, it fell to 25.00 in March from 28.7 in February. Nothing to be happy about as this would be the third month of the decline. Although this report is not a big market mover, it may intensify the underlying short-term bearish trend for of CHF. The closest resistance is seen at 1.2170 and followed by 1.2200. The intraday downside is likely to be limited by 1.2150.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2166, with support below at 1.2150, 1.2134 and 1.2118 with resistance above at 1.2182, 1.2198 and 1.2214. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.2165 and the daily 20EMA at 1.2177. Hourly RSI is neutral at 54.
EUR/CHF bulls tread slowly
EUR/CHF touched a new weekly high at 1.2176 and finished Tuesday on a positive note as investors scaled down their risk assessments and prepared for the SNB monetary policy decision scheduled on Thursday. On daily charts the cross is still moving within the sloping channel and the bulls need to break firmly above the pivotal level 1.2200 to brighten the medium term picture. Markets has switched to risk-on mode again, so the Swissy is not so interesting for the investors any more. Unless the geopolitical situation deteriorates sharply, the cross is likely continue its upside rebound up to 1.2200. ZEW publishes its Swiss economic expectations indicator. According to the forecasts, it fell to 25.00 in March from 28.7 in February. Nothing to be happy about as this would be the third month of the decline. Although this report is not a big market mover, it may intensify the underlying short-term bearish trend for of CHF. The closest resistance is seen at 1.2170 and followed by 1.2200. The intraday downside is likely to be limited by 1.2150.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2166, with support below at 1.2150, 1.2134 and 1.2118 with resistance above at 1.2182, 1.2198 and 1.2214. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.2165 and the daily 20EMA at 1.2177. Hourly RSI is neutral at 54.