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EUR/CHF in no hurry, waiting for clues

FXStreet (Moscow) - EUR/CHF has been sitting in a depressingly narrow range of 5 pips during Asian hours as the investors are not willing to take risks ahead of ECB meeting

Waiting for Draghi

EUR/CHF attempted to recover towards 1.2089 on the back of eased geopolitical tensions and mild EUR/USD upside correct, but the bulls lost the initiative and the cross returned to 1.2070/60 area. Most likely the cross will continue consolidation ahead of ECB monetary policy decision and Draghi’s press conference. The European Central Bank is widely expected to refrain from active steps during today’s meeting; lack of dovishness may trigger EUR upside correction across the board. From the technical point of view, the initial support is seen at 1.2060, while the upside may be capped by 1.2080.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2074, with support below at 1.2057, 1.2046 and 1.2029 with resistance above at 1.2085, 1.2102 and 1.2113. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2073 and the daily 20EMA bearish at 1.2096. Hourly RSI is bearish at 43.

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