8 Jul 2014
EUR/CHF bulls are grasping at a straw
FXStreet (Moscow) - EUR/CHF is sidelined within a narrow 6-pip range with light bullish sentiments. The cross reached the Asian high at 1.2155 and touched the low at 1.2149.
Swiss inflation, does it exist?
Today is a big macro day for Swissy. Inflation report and retail sales data won’t pass unnoticed by traders, hungry for hints that may clarify further SNB actions. CHF is considered to be overvalued, which keeps a lid on inflation (June CPI is expected to come out at 0.2% y/y, unchanged from May), and impedes with central bank’s attempts to ease monetary conditions and stimulate economy. Thus numbers even slightly weaker than expected might put CHF under pressure. From the technical point of view, EUR/CHF bulls need to get above 1.2170 to get hope for more sustained upside. The short-term downside is likely to be limited by 1.2130.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2158, with support below at 1.2149, 1.2142 and 1.2133 with resistance above at 1.2165, 1.2174 and 1.2181. Hourly Moving Averages are mostly neutral, with the 200SMA at 1.2153 and the daily 20EMA at 1.2166. Hourly RSI is bearish at 49.
Swiss inflation, does it exist?
Today is a big macro day for Swissy. Inflation report and retail sales data won’t pass unnoticed by traders, hungry for hints that may clarify further SNB actions. CHF is considered to be overvalued, which keeps a lid on inflation (June CPI is expected to come out at 0.2% y/y, unchanged from May), and impedes with central bank’s attempts to ease monetary conditions and stimulate economy. Thus numbers even slightly weaker than expected might put CHF under pressure. From the technical point of view, EUR/CHF bulls need to get above 1.2170 to get hope for more sustained upside. The short-term downside is likely to be limited by 1.2130.
What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2158, with support below at 1.2149, 1.2142 and 1.2133 with resistance above at 1.2165, 1.2174 and 1.2181. Hourly Moving Averages are mostly neutral, with the 200SMA at 1.2153 and the daily 20EMA at 1.2166. Hourly RSI is bearish at 49.