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24 Feb 2014
EUR/CHF has settled down close to Asian lows at 1.2184
FXStreet (Moscow) - EUR/CHF started the day on a weaker note as the cross moved to Friday’s lows at 1.2184 after opening at 1.2192.
Eurozone CPI is in focus today
EUR/CHF touched the low at 1.2187 and finished Friday at 1.2196, below the pivotal level of 1.2200. This is a bearish signal, though we still need the confirmation before we claim that the long period of consolidation in the depressingly narrow range has finished and a new downside trend is in store for us. A decisive move below 1.2180 area might be a signal that EUR/CHF is on the verge of deeper move to the South, though keep in mind that ноу SNB promised to protect 1.2000 and the lower the cross the more vocal SNB protests will be. Intraday movements might be influenced by Eurozone CPI data. If the readings are below forecasted 0.7% y/y the cross may be pressured down to 1.2170-60. The upside will be limited by 1.2220.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2200, with support below at 1.2186, 1.2176 and 1.2162 with resistance above at 1.2210, 1.2224 and 1.2234. Hourly Moving Averages are bearish, with the 200SMA at 1.2219 and the daily 20EMA at 1.2233. Hourly RSI is neutral at 40.
Eurozone CPI is in focus today
EUR/CHF touched the low at 1.2187 and finished Friday at 1.2196, below the pivotal level of 1.2200. This is a bearish signal, though we still need the confirmation before we claim that the long period of consolidation in the depressingly narrow range has finished and a new downside trend is in store for us. A decisive move below 1.2180 area might be a signal that EUR/CHF is on the verge of deeper move to the South, though keep in mind that ноу SNB promised to protect 1.2000 and the lower the cross the more vocal SNB protests will be. Intraday movements might be influenced by Eurozone CPI data. If the readings are below forecasted 0.7% y/y the cross may be pressured down to 1.2170-60. The upside will be limited by 1.2220.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2200, with support below at 1.2186, 1.2176 and 1.2162 with resistance above at 1.2210, 1.2224 and 1.2234. Hourly Moving Averages are bearish, with the 200SMA at 1.2219 and the daily 20EMA at 1.2233. Hourly RSI is neutral at 40.