12 May 2014
EUR/CHF peeked over 1.2200
FXStreet (Moscow) - EUR/CHF rushed through the key level of 1.2200 to set the Asian high at 1.2206.
EUR/CHF ignores EUR slump
EUR/CHF was resilient despite EUR selling across the board. The cross gained 10 pips on daily basis and came close to the pivotal 1.2200. On weekly chart a series of higher lows suggests that the cross might have bottomed after its gradual slide since May 2013. EUR/CHF is driven mostly by risk factors, but Swiss retails sales report published today is of interest as any hints of growing consumer activity will be positive CHF. From the technical point of view keep an eye at 1.2200 as the bulls need to hold the ground above this level to get a weak chance to drive the cross higher in the short-term perspective.
What price levels and patterns have to be considered?
With spot trading at 1.2203, we can see next resistance ahead at 1.2205 (Daily Classic R1), 1.2210 (Daily High), 1.2211 (Weekly Classic R1), 1.2214 (Daily Classic R2) and 1.2218 (Monthly High).
To the downside we see next support at 1.2202 (Yesterday's High), 1.2198 (Hourly 20 EMA), 1.2196 (Weekly High), 1.2196 (Daily Open) and 1.2192 (Daily Classic PP).
EUR/CHF ignores EUR slump
EUR/CHF was resilient despite EUR selling across the board. The cross gained 10 pips on daily basis and came close to the pivotal 1.2200. On weekly chart a series of higher lows suggests that the cross might have bottomed after its gradual slide since May 2013. EUR/CHF is driven mostly by risk factors, but Swiss retails sales report published today is of interest as any hints of growing consumer activity will be positive CHF. From the technical point of view keep an eye at 1.2200 as the bulls need to hold the ground above this level to get a weak chance to drive the cross higher in the short-term perspective.
What price levels and patterns have to be considered?
With spot trading at 1.2203, we can see next resistance ahead at 1.2205 (Daily Classic R1), 1.2210 (Daily High), 1.2211 (Weekly Classic R1), 1.2214 (Daily Classic R2) and 1.2218 (Monthly High).
To the downside we see next support at 1.2202 (Yesterday's High), 1.2198 (Hourly 20 EMA), 1.2196 (Weekly High), 1.2196 (Daily Open) and 1.2192 (Daily Classic PP).