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EUR/CHF wants to get back above 1.2100; no luck so far

FXStreet (Moscow) - EUR/CHF attempted to get above 1.2100 pivot and reached 1.2105 early in Asia, but the inside momentum waned and the cross returned to the area below 1.2100.

Moser dumps CHF

EUR/CHF made a U-turn on Wednesday. The cross recovered the losses form the previous two weeks and spiked to 1.2118, well above the bespoke resistance of 1.2100 as SNB’s Moser said that the central bank might refuse its deposit rate into the negative territory. Considering weak inflation numbers in Switzerland and CHF growth against EUR, such move might be logical as strong currency is a a potential threat to the country's exporters. The next SNB meeting is scheduled on September 18 and it is not clear whether the central bank cut rates at this meeting. Despite positive momentum the cross failed to finish the day above 1.2100, which darkens its short-term perspectives. Once the cross is above 1.2100 again, the technical picture might tilt to the bullish side. The upside correction might be extended towards 1.2118 ,but larger movements are unlikely ahead of SNB’s meeting. On the downside the support is seen at 1.2080.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2095, with support below at 1.2071, 1.2041 and 1.2017 with resistance above at 1.2125, 1.2149 and 1.2179. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2070 and the daily 20EMA bearish at 1.2086. Hourly RSI is bullish at 65.

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