24 Jan 2014
EUR/CHF is flirting with the resistance of 1.2300, though the upside is not too lively.
FXstreet.com (Moscow) - EUR/CHF started the day with the shy attempts to correct higher after the Thursday’s big fall, but the cross is experiencing difficulties at the resistance of 1.2300, which previously served as a firm support.
EUR/CHF struggles to restore ground
EUR/CHF was among the crosses that resisted the Euro-mania on Thursday. This currency pair closed below the key support of 1.2300 despite the overall euro strength. The CHF gпкцер was triggered by the SNB decision to increase banks’ counter cyclical buffer (CCB) from 1% to 2% of risk weighted positions. It is believed that this decision will result in CHF repatriation flows as the Swiss banks will try to fulfill the new requirements. Though the move below 1.2300 spoils the technical picture, we think that the CHF growth is not sustainable at this point. The movement shall be confirmed by weekly close below 1.2300. The upside correction might take the cross to the resistance of 1.2320, once it is broken, watch out for 1.2350. The support is seen at 1.2275.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2310, with support below at 1.2258, 1.2222 and 1.2170, with resistance above at 1.2346, 1.2398 and 1.2434. Hourly Moving Averages are bearish, with the 200SMA at 1.2336 and the daily 20EMA at 1.2317. Hourly RSI is neutral at 41
EUR/CHF struggles to restore ground
EUR/CHF was among the crosses that resisted the Euro-mania on Thursday. This currency pair closed below the key support of 1.2300 despite the overall euro strength. The CHF gпкцер was triggered by the SNB decision to increase banks’ counter cyclical buffer (CCB) from 1% to 2% of risk weighted positions. It is believed that this decision will result in CHF repatriation flows as the Swiss banks will try to fulfill the new requirements. Though the move below 1.2300 spoils the technical picture, we think that the CHF growth is not sustainable at this point. The movement shall be confirmed by weekly close below 1.2300. The upside correction might take the cross to the resistance of 1.2320, once it is broken, watch out for 1.2350. The support is seen at 1.2275.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2310, with support below at 1.2258, 1.2222 and 1.2170, with resistance above at 1.2346, 1.2398 and 1.2434. Hourly Moving Averages are bearish, with the 200SMA at 1.2336 and the daily 20EMA at 1.2317. Hourly RSI is neutral at 41