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EUR/CHF scared to move before the ECB meeting

FXStreet (Moscow) - EUR/CHF is moving in circles around its opening level of 1.2069 as traders are getting ready for ECB meeting on Thursday.

Where is the floor?

Who would have dreamt of it? EUR/CHF was as quiet as a mouse, but now it is in vogue. The cross is dangerously close to the SNB’s floor set at 1.2000. Investors are wondering whether the SNB will follow the suit and push its deposit rates to the negative territory. Central bank’s official has been expressing concerns about CHF growth, but it is not clear if they are ready to defend the floor to the last drop of blood as there are strong factors that push EUR lower against the Swiss currency, and these factors are out of the SNB’s control. On the intraday basis, EZ retail sales data may be of interest, but the key event is deemed to be the ECB meeting on Thursday. From the technical point of view keep an eye on 1.2080 on the upside and 1.2060 on the downside.

What are today’s key EUR/CHF levels?

Currently, EUR/CHF is trading at 1.2071, while the initial support is seen at 1.2059 (current weekly low) and followed by 1.2043. The resistance is seen at 1.2080 (current weekly high) and followed by 1.2100 pivot point.

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