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11 Feb 2014
EUR/CHF range is narrowing, the breakout is imminent
FXStreet (Moscow) - EUR/CHF is paralyzed at the support level of 1.2230 as the cross has barely moved in 10-pips range since the beginning go the Asian session.
EUR/CHF is quite comfy in the old cosy range, but everything may change
EUR/CHF looked well in Asia yesterday but fell in disgrace when the European players joined the game yesterday as the cross dropped below the support level of 1.2230, which accelerated the downside to the intraday lows of 1.2221. Thus the single currency lost ground against safe heaven Swissy, while held pretty well agains other major currencies. This looks like a speculative game as the Swiss currency had little motives to grow considering the anti immigration vote at the referendum in Switzerland over the weekend. Actually this event may spoil Swiss-EU relations and put the CHF under pressure. Should the cross dare to move away from 1.2230, the downside may be limited by 1.2221 (yesterday’s intraday low) and 1.2200. The short-term upside will be capped by 1.2250.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2238, with support below at 1.2222, 1.2209 and 1.2193, with resistance above at 1.2251, 1.2267 and 1.2280. Hourly Moving Averages are neutral, with the 200SMA at 1.2228 and the daily 20EMA at 1.2259. Hourly RSI is neutral at 45.
EUR/CHF is quite comfy in the old cosy range, but everything may change
EUR/CHF looked well in Asia yesterday but fell in disgrace when the European players joined the game yesterday as the cross dropped below the support level of 1.2230, which accelerated the downside to the intraday lows of 1.2221. Thus the single currency lost ground against safe heaven Swissy, while held pretty well agains other major currencies. This looks like a speculative game as the Swiss currency had little motives to grow considering the anti immigration vote at the referendum in Switzerland over the weekend. Actually this event may spoil Swiss-EU relations and put the CHF under pressure. Should the cross dare to move away from 1.2230, the downside may be limited by 1.2221 (yesterday’s intraday low) and 1.2200. The short-term upside will be capped by 1.2250.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2238, with support below at 1.2222, 1.2209 and 1.2193, with resistance above at 1.2251, 1.2267 and 1.2280. Hourly Moving Averages are neutral, with the 200SMA at 1.2228 and the daily 20EMA at 1.2259. Hourly RSI is neutral at 45.