21 Mar 2014
EUR/CHF has stalled in a narrow range
FXStreet (Moscow) - EUR/CHF consolidates in a narrow range with somewhat bearish bias in Asia. The cross opened the day at 1.2176 and drifted to the intraday low of 1.2170.
EUR/CHF bulls cannot conquer 1.2200
EUR/CHF had another unsuccessful try at 1.2200 on Thursday. The resistance was too strong to let the cross higher, as a result it retreated and finished the day in the red zone - it was the first bearish close of the week. There are several technical implications: first, the failed attempts to break above this level makes it stronger, so the bulls will need a good incentive to push higher; second this area corresponds to the neckline of the double bottom pattern on the daily chart and signals that the rate may retrace back to 1.2120-1.2100 area. From the fundamental point of view there are few interesting events scheduled for today. Follow the EC summit as new sanctions against Russia (if there are any) may scare the investors and support the demand for Swissy. The closest resistance is seen at 1.2180 and followed by 1.2200. The intraday downside is likely to be limited by 1.2150/60.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2182, with support below at 1.2158, 1.2139 and 1.2115 with resistance above at 1.2201, 1.2225 and 1.2244. Hourly Moving Averages are mixed, with the 200SMA at 1.2163 and the daily 20EMA at 1.2178. Hourly RSI is neutral at 40.
EUR/CHF bulls cannot conquer 1.2200
EUR/CHF had another unsuccessful try at 1.2200 on Thursday. The resistance was too strong to let the cross higher, as a result it retreated and finished the day in the red zone - it was the first bearish close of the week. There are several technical implications: first, the failed attempts to break above this level makes it stronger, so the bulls will need a good incentive to push higher; second this area corresponds to the neckline of the double bottom pattern on the daily chart and signals that the rate may retrace back to 1.2120-1.2100 area. From the fundamental point of view there are few interesting events scheduled for today. Follow the EC summit as new sanctions against Russia (if there are any) may scare the investors and support the demand for Swissy. The closest resistance is seen at 1.2180 and followed by 1.2200. The intraday downside is likely to be limited by 1.2150/60.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2182, with support below at 1.2158, 1.2139 and 1.2115 with resistance above at 1.2201, 1.2225 and 1.2244. Hourly Moving Averages are mixed, with the 200SMA at 1.2163 and the daily 20EMA at 1.2178. Hourly RSI is neutral at 40.