EUR/CHF is waiting patiently for whatever Monday has in store for it

FXStreet (Moscow) - EUR/CHF started the day at 1.2139 in Asia and managed to recover to 1.2141 ahead of European opening.

CHF lives by geopolitical rules

Not sure whether Obama's airstrikes hit the targets in Iraq, but EUR/CHF fall the victim for sure. Panic-stricken investors hoarded safa-heaven Swissy on Friday, which resulted in EUR/CHF tumbling down to 1.2120 - this is the lowest level since the beginning of March. Fortunately, the cross managed to claw back some lost ground and finish week above the pivotal level of 1.2130 thanks to signs of Russia-Ukraine de-escalation. This technical development means that we may spend more time in a range before investors decide whether they are ready to take risks and push CHF higher on risk aversion despite possible threat of SNB intervention. Swiss retail sales data published later today may support CHF demand as it is expected to show 0.3% growth in June against -0.6% in May. Eurozone calendar is rather light today, so keep your eyes peeled for geopolitical developments. Let's hope there'll be more positive news and we will see EUR/CHF growing back towards 1.2150.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2137, with support below at 1.2126, 1.2108 and 1.2097 with resistance above at 1.2155, 1.2166 and 1.2184. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2159 and the daily 20EMA bearish at 1.2155. Hourly RSI is bullish at 57.