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22 May 2014
EUR/CHF got spooked by 1.2245/50 resistance
FXStreet (Moscow) - EUR/CHF is on back foot as the cross opened the session at 1.2245 and dropped to 1.2218; bearish momentum is still strong.
Not so fast, please
EUR/CHF plunged to 1.2200 early in Europe on Wednesday, but the pivotal support was not broken, and the cross recovered to 1.2245 by the end of the day. It seems that the consolidation phase will continue while the cross is trading above 1.2200. The bulls need a sustained break above 1.2250 to get a chance for further upside. From the fundamental point of view, EZ PMI data may trigger some volatility, though the decisive breakthrough in the cross is unlikely. Watch stock market developments for clues.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2221, with support below at 1.2211, 1.2197 and 1.2187 with resistance above at 1.2235, 1.2245 and 1.2259. Hourly Moving Averages are mostly neutral, with the 200SMA at 1.2213 and the daily 20EMA at 1.2206. Hourly RSI is bearish at 44
Not so fast, please
EUR/CHF plunged to 1.2200 early in Europe on Wednesday, but the pivotal support was not broken, and the cross recovered to 1.2245 by the end of the day. It seems that the consolidation phase will continue while the cross is trading above 1.2200. The bulls need a sustained break above 1.2250 to get a chance for further upside. From the fundamental point of view, EZ PMI data may trigger some volatility, though the decisive breakthrough in the cross is unlikely. Watch stock market developments for clues.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2221, with support below at 1.2211, 1.2197 and 1.2187 with resistance above at 1.2235, 1.2245 and 1.2259. Hourly Moving Averages are mostly neutral, with the 200SMA at 1.2213 and the daily 20EMA at 1.2206. Hourly RSI is bearish at 44