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EUR/CHF climbing to the upper side of the range

FXStreet (Moscow) - EUR/CHF is sandwiched between 1.2067 on the upside and 1.2059 on the downside as investors are wary of buying CHF

Paralyzed in horror

EUR/CHF dipped to new multi-year lows at 1.2044 when the ECB shocked the markets by unexpected rate cuts and bond buying program. Though on a weekly basis, the cross was nearly unchanged. Investors are wary of buying CHF as the cross is dangerously close to the SNB’s floor set at 1.2000. From the fundamental point of view, Swiss consumer price index and retail sales numbers are of interest as slower inflation and less enthusiastic consumers may push the SNB towards mimicking the ECB’s monetary policy. From the technical point of view, 1.2080 might cap the intraday upside, while the downside is likely to be limited by 1.2060.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2062, with support below at 1.2052, 1.2043 and 1.2033 with resistance above at 1.2071, 1.2081 and 1.2090. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2068 and the daily 20EMA bearish at 1.2090. Hourly RSI is bullish at 54.

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