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7 Mar 2014
EUR/CHF has fallen out of love with traders this morning
EUR/CHF is under selling pressure in Asia as the cross started the day at 1.2200, but soon dipped below the pivotal level to the current lows at 1.2188 due to profit-taking.
No Swiss safety is required anymore?
EUR/CHF crashed the bespoke resistance level of 1.2200 and set the intraday high at 1.2216 on Thursday. This was caused by EUR rally across the board inspired by Draghi’s optimism about the economy. The cross finished the day at 1.2201 and returned to the previous range. There are a couple of interesting reports coming out from Switzerland. Namely, the SNB publishes its annual results for 2013 year may reveal details on foreign currency reserves of the Central Bank and thus will help to estimate how much powder there is in the central bank’s powder horns. The SNB promised to defend 1.2000 level and investors need to know is it has enough money to do that. Then the labor office publishes еру unemployment rate. According to the forecasts, it will remain unchanged in February at 3.2%. Low and stable unemployment is у good thing for economy, but, frankly, this numbers may sparkle some CHF movements only if they deviate from the forecast. The key levels to watch: 1.2200 on the upside and 1.2170 on the downside.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2200, with support below at 1.2183, 1.2164 and 1.2147 with resistance above at 1.2219, 1.2236 and 1.2255. Hourly Moving Averages are bullish, with the 200SMA at 1.2178 and the daily 20EMA at 1.2202. Hourly RSI is neutral at 56.
No Swiss safety is required anymore?
EUR/CHF crashed the bespoke resistance level of 1.2200 and set the intraday high at 1.2216 on Thursday. This was caused by EUR rally across the board inspired by Draghi’s optimism about the economy. The cross finished the day at 1.2201 and returned to the previous range. There are a couple of interesting reports coming out from Switzerland. Namely, the SNB publishes its annual results for 2013 year may reveal details on foreign currency reserves of the Central Bank and thus will help to estimate how much powder there is in the central bank’s powder horns. The SNB promised to defend 1.2000 level and investors need to know is it has enough money to do that. Then the labor office publishes еру unemployment rate. According to the forecasts, it will remain unchanged in February at 3.2%. Low and stable unemployment is у good thing for economy, but, frankly, this numbers may sparkle some CHF movements only if they deviate from the forecast. The key levels to watch: 1.2200 on the upside and 1.2170 on the downside.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2200, with support below at 1.2183, 1.2164 and 1.2147 with resistance above at 1.2219, 1.2236 and 1.2255. Hourly Moving Averages are bullish, with the 200SMA at 1.2178 and the daily 20EMA at 1.2202. Hourly RSI is neutral at 56.