6 Mar 2014
EUR/CHF is slowly climbing to the resistance of 1.2200
FXStreet (Moscow) - EUR/CHF is locked in a tight range in Asia today as the upside is limited by the area of strong demand at 1.2200, while the downside is capped by 1.2180
EUR/CHF’s fate in Draghi’s hands
EUR/CHF spend the whole Wednesday in a tight range close to the resistance area of 1.2190-1.2200, but dropped to the opening level of 1.2185 during NA session on the mixture of technical and fundamental factors as poor Non-Manufacturing ISM caused the risk-off trading and triggered profit-taking after the failed attempts of the cross to go past the said resistance zone. Today the key focus of the day is the ECB monetary policy decision. The single currency may be jittery ahead of the risk event. Though no rate change is expected the Euro may strengthen if the Bank is more optimistic about the economic conditions in Eurozone. In this case the investors will scale down their longer tern rate expectation. EUR/CHF needs to return above 1.2200 to improve its technical picture. On the downside, while the support area of 1.2149 is intact, the cross will continue consolidating within its current range.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2188, with support below at 1.2175, 1.2162 and 1.2149 with resistance above at 1.2201, 1.2214 and 1.22279. Hourly Moving Averages are bullish, with the 200SMA at 1.2178 and the daily 20EMA at 1.2201. Hourly RSI is neutral at 57.
EUR/CHF’s fate in Draghi’s hands
EUR/CHF spend the whole Wednesday in a tight range close to the resistance area of 1.2190-1.2200, but dropped to the opening level of 1.2185 during NA session on the mixture of technical and fundamental factors as poor Non-Manufacturing ISM caused the risk-off trading and triggered profit-taking after the failed attempts of the cross to go past the said resistance zone. Today the key focus of the day is the ECB monetary policy decision. The single currency may be jittery ahead of the risk event. Though no rate change is expected the Euro may strengthen if the Bank is more optimistic about the economic conditions in Eurozone. In this case the investors will scale down their longer tern rate expectation. EUR/CHF needs to return above 1.2200 to improve its technical picture. On the downside, while the support area of 1.2149 is intact, the cross will continue consolidating within its current range.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2188, with support below at 1.2175, 1.2162 and 1.2149 with resistance above at 1.2201, 1.2214 and 1.22279. Hourly Moving Averages are bullish, with the 200SMA at 1.2178 and the daily 20EMA at 1.2201. Hourly RSI is neutral at 57.