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EUR/CHF at 1.2070, waiting for a good kick

FXStreet (Moscow) - EUR/CHF is trying to recover within its narrow range as the pair has started the day at 1.2067 and climbed to 1.2073.

strong>EUR/CHF needs a trigger to start the ball rolling

EUR/CHF has been sitting in a depressingly narrow range for too long, which means that the breakthrough is imminent. This week’s calendar is packed with important macroeconomic events with a good market-moving potential. The first one is German inflation data published during European hours. The report is forecasted to show further slowdown towards -0.1% m/m, 0.7% y/y in September against 0.0% and 0.8% respectively in August. This news might put EUR under pressure across the board and push EUR/CHF back to 1.2060 support. Once it is broken, 1.2030 will come into view. The upside is likely to be limited by 1.2080.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2070, with support below at 1.2063, 1.2058 and 1.2051 with resistance above at 1.2075, 1.2082 and 1.2087. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2079 and the daily 20EMA bearish at 1.2082. Hourly RSI is bullish at 51.

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