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10 Mar 2014
EUR/CHF bears check 1.2170 for strength
FXStreet (Moscow) -EUR/CHF moved close to 1.2170 support in Asia; the downside bias prevails.
EUR/CHF wants to know more about geopolitics
EUR/CHF was a good performer during the previous week, but it was not able to hold ground above the key level of 1.2200 and closed at 1.2180 on Friday. The cross was rather volatile during NY hours as first the Swissy was pressured down as a knock on effect from USD/CHF dynamics, but then recovered due to general EUR weakness. Swiss retake sales report is published later today. According to the forecasts the sales have grown 2.7% y/y in January against 2.3% in December, which is not that bad after all if we put it in the historical context. Though the chances are that this good news will be overshadowed by geopolitical concerns and EUR-related events, namely, Draghi’s speech and Eurogroup meeting. Should the Russian-Ukrainian conflict become hot once again, EUR/CHF may will slide to the support area of 1.2150, where the short-term downside will probably be stopped by fresh demand. The nearest resistance is seen at 1.2180 (Friday’s close) and followed by 1.2200.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2186, with support below at 1.2156, 1.2136 and 1.2106 with resistance above at 1.2206, 1.2236 and 1.2256. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.2176 and the daily 20EMA at 1.2199. Hourly RSI is neutral at 43.
EUR/CHF wants to know more about geopolitics
EUR/CHF was a good performer during the previous week, but it was not able to hold ground above the key level of 1.2200 and closed at 1.2180 on Friday. The cross was rather volatile during NY hours as first the Swissy was pressured down as a knock on effect from USD/CHF dynamics, but then recovered due to general EUR weakness. Swiss retake sales report is published later today. According to the forecasts the sales have grown 2.7% y/y in January against 2.3% in December, which is not that bad after all if we put it in the historical context. Though the chances are that this good news will be overshadowed by geopolitical concerns and EUR-related events, namely, Draghi’s speech and Eurogroup meeting. Should the Russian-Ukrainian conflict become hot once again, EUR/CHF may will slide to the support area of 1.2150, where the short-term downside will probably be stopped by fresh demand. The nearest resistance is seen at 1.2180 (Friday’s close) and followed by 1.2200.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2186, with support below at 1.2156, 1.2136 and 1.2106 with resistance above at 1.2206, 1.2236 and 1.2256. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.2176 and the daily 20EMA at 1.2199. Hourly RSI is neutral at 43.