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EUR/CHF fell in order to rebound again above 1.21

FXStreet (Moscow) - EUR/CHF dropped from 1.2106 to the Asian low of 1.2095 as the bulls wasted their chance to settle above 1.2100 pivot, where it is currently trading.

All eyes on SNB

EUR/CHF is sitting in the range. Obviously, traders are not ready to push the Swiss currency much lower against EUR due to high level of uncertainty related to the SNB’s monetary policy decision. Swiss producer prices came out lower than expected and moved deeper into the deflation zone (-0.2 m/m -1.2% y/y in August), though the market reaction was muted. From the longer term perspective these numbers suggest that weak EZ economy have a greater toll on Swiss producers. Later during the day European ZEW survey numbers are published. According to the forecast, economic sentiment indicator in Germany dipped to 4.8 in September against 8.6 in August. Bad news from the largest EZ economy may push EUR lower across the board. EUR/CHF might slide to 1.2080 support on the intraday basis, though the downside is likely to be limited ahead of the SNB’s meeting.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2102, with support below at 1.2090, 1.2077 and 1.2065 with resistance above at 1.2115, 1.2127 and 1.2140. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2080 and the daily 20EMA flat at 1.2090. Hourly RSI is bullish at 53.

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