EUR/CHF is under pressure but still above 1.2200

FXStreet (Moscow) - EUR/CHF is under pressure as the cross opened at 1.2213 and slides to current level of 1.2209.

EUR/CHF follows the stocks

EUR/CHF lives by its own rules. The cross had a good try to climb to the important resistance of 1.2220 on Monday, but got tired at 1.2217 and retraced to 1.2213 by the end of the day. As we have already mentioned on numerous occasions, risk sentiments and European stock market movements are the key factors defining the fate of the cross. From this point of view we might see another attempt higher during European hours as major European bourses are expected to open in the green zone. But ZEW survey published today might mess things up as lower than expected numbers will surely put European stocks asunder pressure and thus stimulate demand for CHF. On the upside, 1.2220 is the key, while the intraday downside will be limited by 1.2200.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2209, with support below at 1.2197, 1.2180 and 1.2168 with resistance above at 1.2226, 1.2238 and 1.2255. Hourly Moving Averages are mostly
bullish, with the 200SMA at 1.2190 and the daily 20EMA at 1.2193. Hourly RSI is bullish at 52