Back
4 Mar 2014
EUR/CHF is eager to settle down above 1.2130 resistance
FXStreet (Moscow) - EUR/CHF strives to settle above the key short-term resistance level at 1.2130 as the cross opened at 1.2128 and touched the current Asian high at 1.2135.
Is it still safe to buy Swissy?
EUR/CHF bears drove the cross right to the bespoke support of 1.2100 on Monday morning, but their first attempt to penetrate it failed as it is defended by strong bids, a thick layer of stops and an option barrier. The cross finished the day nearly unchanged, but the rebound from Monday’s low is regarded as a correction until EUR/CHF is firmly above 1.2130. Geopolitics drive the cross lower, but before putting your last shirt on further downside, think about the SNB that promised to defend 1.2000 to the last drop of their blood. The closer the threshold level, the harder it is to push the cross lower. Both Eurozone and Switzerland calendars are empty today, so EUR/CHF dynamics will be influenced by external factors and technical forces. The bears badly need to go past 1.2100 to continue they downside quest, while the bulls have to pave their way well above 1.2130. Until these levels are intact, the cross will be locked in a range.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2124, with support below at 1.2108, 1.2086 and 1.2070 with resistance above at 1.2146, 1.2162 and 1.2184. Hourly Moving Averages are mixed, with the 200SMA at 1.2183 and the daily 20EMA at 1.2204. Hourly RSI is neutral at 51.
Is it still safe to buy Swissy?
EUR/CHF bears drove the cross right to the bespoke support of 1.2100 on Monday morning, but their first attempt to penetrate it failed as it is defended by strong bids, a thick layer of stops and an option barrier. The cross finished the day nearly unchanged, but the rebound from Monday’s low is regarded as a correction until EUR/CHF is firmly above 1.2130. Geopolitics drive the cross lower, but before putting your last shirt on further downside, think about the SNB that promised to defend 1.2000 to the last drop of their blood. The closer the threshold level, the harder it is to push the cross lower. Both Eurozone and Switzerland calendars are empty today, so EUR/CHF dynamics will be influenced by external factors and technical forces. The bears badly need to go past 1.2100 to continue they downside quest, while the bulls have to pave their way well above 1.2130. Until these levels are intact, the cross will be locked in a range.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2124, with support below at 1.2108, 1.2086 and 1.2070 with resistance above at 1.2146, 1.2162 and 1.2184. Hourly Moving Averages are mixed, with the 200SMA at 1.2183 and the daily 20EMA at 1.2204. Hourly RSI is neutral at 51.