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12 Feb 2014
EUR/CHF is drifting down, away from 1.2250 resistance
FXStreet (Moscow) - EUR/CHF is moving down after a failed attempt to go past the strong resistance of 1.2250 as the traders are not eager to bet on the single currency ahead of key risk events.
EUR/CHF is desperate for triggers
EUR/CHF moved higher yesterday, though it is still locked in the range where 1.2250 is the strong ceiling and 1.2220 is the firm floor. Today we are looking for Swiss Consumer Price Index that is expected to show that the deflation beast is still threatening to get hold of the Swiss economy. This may push the cross to the upper level of the above mentioned range, though it won’t trigger the break out as traders will be waiting for Eurozone industrial production data and half-year economic forecast from Germany. These are high risk events that may add some excitement to sleepy swissy. Should the Euro-related data come out worse than expected, the cross may extend the range to the downside to 1.2200. The break below will trigger stops placed around that level and push EUR/CHF to 1.2180.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2246, with support below at 1.2233, 1.2213 and 1.2200 with resistance above at 1.2266, 1.2279 and 1.2299. Hourly Moving Averages are bullish, with the 200SMA at 1.2229 and the daily 20EMA at 1.2258. Hourly RSI is neutral at 56.
EUR/CHF is desperate for triggers
EUR/CHF moved higher yesterday, though it is still locked in the range where 1.2250 is the strong ceiling and 1.2220 is the firm floor. Today we are looking for Swiss Consumer Price Index that is expected to show that the deflation beast is still threatening to get hold of the Swiss economy. This may push the cross to the upper level of the above mentioned range, though it won’t trigger the break out as traders will be waiting for Eurozone industrial production data and half-year economic forecast from Germany. These are high risk events that may add some excitement to sleepy swissy. Should the Euro-related data come out worse than expected, the cross may extend the range to the downside to 1.2200. The break below will trigger stops placed around that level and push EUR/CHF to 1.2180.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2246, with support below at 1.2233, 1.2213 and 1.2200 with resistance above at 1.2266, 1.2279 and 1.2299. Hourly Moving Averages are bullish, with the 200SMA at 1.2229 and the daily 20EMA at 1.2258. Hourly RSI is neutral at 56.