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20 Mar 2014
EUR/CHF is recovering; 1.2200 resistance is in sight
FXStreet (Moscow) - EUR/CHF touched the low of 1.2176 early in Asia, but managed to recover to 1.2186 ahead of European session.
SNB monetary policy decision is in focus
EUR/CHF had the fourth positive day in a row on Wednesday. Though the bullish dynamics may run out of steam as the cross touched the pivotal 1.2200 level yesterday, but failed to break higher and retraced to 1.2180. Actually the cross was influenced by CHF selling in USD/CHF, which is counterbalanced by anti-risk sentiments that support the demand for safe heaven Swissy. SNB Monetary policy decision is the key risk event for the cross. No rate changes are expected, but the traders will be on the alert, waiting for central bankers commentaries upon inflation and, possibly, exchange rates. Dovish sentiments may cause the CHF selling and push EURCHF above 1.2200. The intraday downside is likely to be limited by 1.2170.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2182, with support below at 1.2160, 1.2138 and 1.2116 with resistance above at 1.2204, 1.2226 and 1.2248. Hourly Moving Averages are bullish, with the 200SMA at 1.2163 and the daily 20EMA at 1.2178. Hourly RSI is neutral at 64.
SNB monetary policy decision is in focus
EUR/CHF had the fourth positive day in a row on Wednesday. Though the bullish dynamics may run out of steam as the cross touched the pivotal 1.2200 level yesterday, but failed to break higher and retraced to 1.2180. Actually the cross was influenced by CHF selling in USD/CHF, which is counterbalanced by anti-risk sentiments that support the demand for safe heaven Swissy. SNB Monetary policy decision is the key risk event for the cross. No rate changes are expected, but the traders will be on the alert, waiting for central bankers commentaries upon inflation and, possibly, exchange rates. Dovish sentiments may cause the CHF selling and push EURCHF above 1.2200. The intraday downside is likely to be limited by 1.2170.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2182, with support below at 1.2160, 1.2138 and 1.2116 with resistance above at 1.2204, 1.2226 and 1.2248. Hourly Moving Averages are bullish, with the 200SMA at 1.2163 and the daily 20EMA at 1.2178. Hourly RSI is neutral at 64.