15 Jan 2014
EUR/CHF bulls are driving the cross to the resistance of 1.2367
FXstreet.com (Moscow) - EUR/CHF is pressing higher during Tokyo trading session as the cross opened at 1.2345 and moved to the area of 1.2350-55.
Swiss retail sales report may throw cold water on EUR/CHF bulls
EUR/CHF is back above the key level of 1.2320. Better than expected European data and generally better sentiment towards risk assets allowed the cross to return everything it had lost on Monday and continue moving upwards. Above that level the intraday bias is skewed to the upside. Was the fall below the key support a one-time event? Is the cross ready to resume the long-term bullish trend after this short downside correction? Before answering these questions, let’s wait and see how it finishes the week. From the fundamental point of view the Swiss retail sales report may curb the upside movement as it is expected to increase to 1.7% in November from 1.2% in October. The nearest resistance level comes at 1.236-70 zone as it is broken, the cross may grow to 1.2388, which is supposed to cap the intraday bullish movement.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2328, with support below at 1.2307, 1.2268 and 1.2247, with resistance above at 1.2367, 1.2388 and 1.2427. Hourly Moving Averages are bullish, with the 200SMA at 1.2335 and the daily 20EMA at 1.2303. Hourly RSI is neutral at 64.06
Swiss retail sales report may throw cold water on EUR/CHF bulls
EUR/CHF is back above the key level of 1.2320. Better than expected European data and generally better sentiment towards risk assets allowed the cross to return everything it had lost on Monday and continue moving upwards. Above that level the intraday bias is skewed to the upside. Was the fall below the key support a one-time event? Is the cross ready to resume the long-term bullish trend after this short downside correction? Before answering these questions, let’s wait and see how it finishes the week. From the fundamental point of view the Swiss retail sales report may curb the upside movement as it is expected to increase to 1.7% in November from 1.2% in October. The nearest resistance level comes at 1.236-70 zone as it is broken, the cross may grow to 1.2388, which is supposed to cap the intraday bullish movement.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2328, with support below at 1.2307, 1.2268 and 1.2247, with resistance above at 1.2367, 1.2388 and 1.2427. Hourly Moving Averages are bullish, with the 200SMA at 1.2335 and the daily 20EMA at 1.2303. Hourly RSI is neutral at 64.06