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20 Feb 2014
EUR/CHF is struggling to return above 1.2200
FXStreet (Moscow) - EUR/CHF is trying to recover above 1.2200 after falling to the Asian low of 1.2188 on the back of safe-heaven demand.
EUR/CHF is pressured down by anti-risk sentiments
Yesterday EUR/CHF managed to push the cross below 1.2200 to intraday lows at 1.2288, though the momentum faded away due strong bids located right under the key support. The movement was triggered by overall anti-risk sentiments caused by pretty hawkish FOMC minutes. Swissie is a well-known safe heaven and often used as Euro proxy. That is why bad news from China triggered CHF buying across the board this morning. As a result, the cross weakened to 1.2188. The short-term technical picture is rather bearish as long as the cross is below 1.2200. Today we are waiting for trade balance report form Switzerland. The forecasters are expecting a recovery to -1.47 b. in January after a sharp drop in December, but is the data disappoints the CHF will feel the pain. Should the cross manage to return above 1.2200, the resistance of 1.2230 will come in sight. On the downside the support comes at 1.2180 and1.2150.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2206, with support below at 1.2184, 1.2167 and 1.2145 with resistance above at 1.2223, 1.2245 and 1.2262. Hourly Moving Averages are bearish, with the 200SMA at 1.2228 and the daily 20EMA at 1.2240. Hourly RSI is neutral at 34.
EUR/CHF is pressured down by anti-risk sentiments
Yesterday EUR/CHF managed to push the cross below 1.2200 to intraday lows at 1.2288, though the momentum faded away due strong bids located right under the key support. The movement was triggered by overall anti-risk sentiments caused by pretty hawkish FOMC minutes. Swissie is a well-known safe heaven and often used as Euro proxy. That is why bad news from China triggered CHF buying across the board this morning. As a result, the cross weakened to 1.2188. The short-term technical picture is rather bearish as long as the cross is below 1.2200. Today we are waiting for trade balance report form Switzerland. The forecasters are expecting a recovery to -1.47 b. in January after a sharp drop in December, but is the data disappoints the CHF will feel the pain. Should the cross manage to return above 1.2200, the resistance of 1.2230 will come in sight. On the downside the support comes at 1.2180 and1.2150.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2206, with support below at 1.2184, 1.2167 and 1.2145 with resistance above at 1.2223, 1.2245 and 1.2262. Hourly Moving Averages are bearish, with the 200SMA at 1.2228 and the daily 20EMA at 1.2240. Hourly RSI is neutral at 34.