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EUR/CHF traped in a range; ECB on radar

FXStreet (Moscow) - EUR/CHF is oscillating within a narrow 10-pips range ahead of European opening as traders are waiting for ECB’s monetary policy decision

EUR/CHF is on edge

EUR/CHF spiked towards 1.2080 resistance level on alleged SNB’s interventions on Wednesday. Investors whispered about “the hand of the central bank on the market” but the information is not confirmed yet. Anyway, the upside was limited and failed to break above the initial resistance level. Today the key focus shifts onto ECB’s meeting where the policy makers might provide more details about its asset purchase program. EUR/CHF is vulnerable to losses, should the market decide that the European Central Bank is moving towards true QE. Keep an eye at 1.2080 on the upside and 1.2050 on the downside.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2067, with support below at 1.2052, 1.2036 and 1.2021 with resistance above at 1.2083, 1.2096 and 1.2114. Hourly Moving Averages are neutral, with the 200SMA flat at 1.2071 and the daily 20EMA flat at 1.2078. Hourly RSI is bullish at 57.

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