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14 Aug 2014
EUR/CHF firmly below 1.2130. What now?
FXStreet (Moscow) - EUR/CHF tried to get above 1.2130 early in Asia, but failed; the cross is trading at 1.2126 waiting for the key Eurozone economic data to be published later
Is there life below 1.2130?
It was the eights day of decline for EUR/CHF. The cross cracked 1.2130 support and finished the day at 1.2126, thus darkening the longer-term technical picture. Interestingly, the cross was in sell-off mode even though European stock market rose to the highest level in a week. Is it the end of negative CHF correlation, or is it just a temporary glitch, while other factors are in play? Anyway, EUR/CHF might extend the downside later today, if Eurozone GDP numbers disappoint. The French has nothing to brag about as they have already published weaker than expected data. The Germans might follow suit. Swiss producer and import priced report is also published today, though most likely it will be overshadowed by EZ data. The next life-changing support comes at 1.2100.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2132, with support below at 1.2121, 1.2115 and 1.2104 with resistance above at 1.2138, 1.2149 and 1.2155. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2147 and the daily 20EMA bearish at 1.2149. Hourly RSI is bearish at 41.
Is there life below 1.2130?
It was the eights day of decline for EUR/CHF. The cross cracked 1.2130 support and finished the day at 1.2126, thus darkening the longer-term technical picture. Interestingly, the cross was in sell-off mode even though European stock market rose to the highest level in a week. Is it the end of negative CHF correlation, or is it just a temporary glitch, while other factors are in play? Anyway, EUR/CHF might extend the downside later today, if Eurozone GDP numbers disappoint. The French has nothing to brag about as they have already published weaker than expected data. The Germans might follow suit. Swiss producer and import priced report is also published today, though most likely it will be overshadowed by EZ data. The next life-changing support comes at 1.2100.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2132, with support below at 1.2121, 1.2115 and 1.2104 with resistance above at 1.2138, 1.2149 and 1.2155. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2147 and the daily 20EMA bearish at 1.2149. Hourly RSI is bearish at 41.