24 Jul 2014
EUR/CHF: something is brewing up
FXStreet (Moscow) - EUR/CHF is sandwiched between Asian high of 1.2147 and low of 1.2143, hoping that European traders will let it free from this maddening 4-pips range.
Range is narrowing
EUR/CHF is consolidating within a triangle pattern visible on daily charts and the breakthrough seems inevitable now, we just need a good trigger. European PMI reports might bring some excitement to the market only if they differ substantially from the expectations. In this case poor data has better market moving potential in terms of pushing EUR down across the board. Though it is not that easy when it comes to EUR/CHF as the cross deviates from overall EUR trend more often than not. From the technical point of view, keep an eye at 1.2150 on the upside and 1.2143 on the downside as the sustained break above/below these levels might determine EUR/CHF for coming days.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2149, with support below at 1.2143, 1.2139 and 1.2133 with resistance above at 1.2153, 1.2159 and 1.2163. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2148 and the daily 20EMA neutral at 1.2153. Hourly RSI is bullish at 50.
Range is narrowing
EUR/CHF is consolidating within a triangle pattern visible on daily charts and the breakthrough seems inevitable now, we just need a good trigger. European PMI reports might bring some excitement to the market only if they differ substantially from the expectations. In this case poor data has better market moving potential in terms of pushing EUR down across the board. Though it is not that easy when it comes to EUR/CHF as the cross deviates from overall EUR trend more often than not. From the technical point of view, keep an eye at 1.2150 on the upside and 1.2143 on the downside as the sustained break above/below these levels might determine EUR/CHF for coming days.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2149, with support below at 1.2143, 1.2139 and 1.2133 with resistance above at 1.2153, 1.2159 and 1.2163. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2148 and the daily 20EMA neutral at 1.2153. Hourly RSI is bullish at 50.