9 Jul 2014
EUR/CHF is on mild recovery mode
FXStreet (Moscow) - EUR/CHF recovered from Tuesday’s low of 1.2145, but the upside has stalled on approach to the resistance of 1.2160.
Swissy is at a loss
Now that CPI and retail sales data are behind us, EUR/CHF traders have next to nothing to chew on. Weaker than expected inflation numbers raise the chance that SNB will move on to stimulating measures in order to escape a deflation threat. Though this idea is not new to the markets as they have been expecting more easing and even negative deposit rates from SNB since the ECB’s June meeting. From the technical point of view, EUR/CHF recovery from 1.2130 low has stalled at 1.2160/70, which means the bulls are not ready for decisive actions and the cross might be vulnerable to new losses as long as it keeps below the said levels.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2153, with support below at 1.2147, 1.2138 and 1.2132 with resistance above at 1.2162, 1.2168 and 1.2177. Hourly Moving Averages are bullish, with the 200SMA at 1.2152 and the daily 20EMA at 1.2166. Hourly RSI is bullish at 59.
Swissy is at a loss
Now that CPI and retail sales data are behind us, EUR/CHF traders have next to nothing to chew on. Weaker than expected inflation numbers raise the chance that SNB will move on to stimulating measures in order to escape a deflation threat. Though this idea is not new to the markets as they have been expecting more easing and even negative deposit rates from SNB since the ECB’s June meeting. From the technical point of view, EUR/CHF recovery from 1.2130 low has stalled at 1.2160/70, which means the bulls are not ready for decisive actions and the cross might be vulnerable to new losses as long as it keeps below the said levels.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2153, with support below at 1.2147, 1.2138 and 1.2132 with resistance above at 1.2162, 1.2168 and 1.2177. Hourly Moving Averages are bullish, with the 200SMA at 1.2152 and the daily 20EMA at 1.2166. Hourly RSI is bullish at 59.