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29 Jul 2014
EUR/CHF: range is narrowing, something is brewing up
FXStreet (Moscow) - EUR/CHF is sitting in a depressing 2-pips range, right at the tip of the triangle visible on daily charts.
Drifting to the lower side of the channel
EUR/CHF retraced from the upper side of its current channel at 1.2150/55 and finished the day at 1.2145. This was caused manly by technical factors as EUR bulls are not ready to push the currency much higher. Now the first bearish target is spotted at the previous week low of 1.2139. If broken, the downside will extend to the channel base at 1.2130. Unless another geopolitical bombshell explodes, EUR/CHF is unlikely to drop below this bespoke support level this week.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2150, with support below at 1.2142, 1.2136 and 1.2128 with resistance above at 1.2156, 1.2164 and 1.2170. Hourly Moving Averages are flat, with the 200SMA flat at 1.2149 and the daily 20EMA flat at 1.2152. Hourly RSI is bearish at 45.
Drifting to the lower side of the channel
EUR/CHF retraced from the upper side of its current channel at 1.2150/55 and finished the day at 1.2145. This was caused manly by technical factors as EUR bulls are not ready to push the currency much higher. Now the first bearish target is spotted at the previous week low of 1.2139. If broken, the downside will extend to the channel base at 1.2130. Unless another geopolitical bombshell explodes, EUR/CHF is unlikely to drop below this bespoke support level this week.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2150, with support below at 1.2142, 1.2136 and 1.2128 with resistance above at 1.2156, 1.2164 and 1.2170. Hourly Moving Averages are flat, with the 200SMA flat at 1.2149 and the daily 20EMA flat at 1.2152. Hourly RSI is bearish at 45.