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EUR/CHF: moment of glory is over

FXStreet (Moscow) - EUR/CHF is under pressure during Asian hours; the cross is trying to escape from 1.2100 resistance as CHF bulls gains control ahead of SNB meeting.

EUR/CHF is not ready to go above 1.2100

EUR/CHF weekly chart suggests that the cross has bottomed out at 1.2044, though we need a confirmation in the form of strong bullish weekly close. In this case the cross might start consolidation with mild bullish bias, though don’t bet your last penny on a substantial upside until we know what SNB is about. Negative deposit rates would increase the short-term downside pressure on CHF, though EUR/CHF growth might be not as strong as one would expect as EUR is under pressure due to weak economic fundamentals and dovish ECB monetary policy. As long as EUR/CHF trades below 1.2100, the bias remains bearish. On the intraday basis the nearest support is seen at 1.2189 (yesterday’s low), it is followed by 1.2060.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2096, with support below at 1.2086, 1.2077 and 1.2067 with resistance above at 1.2105, 1.2115 and 1.2124. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2074 and the daily 20EMA bullish at 1.2088. Hourly RSI is bullish at 41.

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