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EUR/CHF tests waters above 1.2060 and retreats

FXStreet (Moscow) - EUR/CHF  settled at 1.2059 after having opened at 1.2056; the cross tires to break above 1.2060 resistance, though it lacks stimulus as trading activity is low.

EUR/CHF touches the low of 1.2052 on Monday. The cross finished the day at 1.2057. below 1.2060 support, which means that more downside may be in store. Fundamentally, a lot will depend on general EUR sentiments after FOMC meeting. Uncertainty related to stress-tests results has been removed, but European stock markets remain jittery amid concerns about deteriorating business confidence in Germany. While it means that CHF may continue climbing higher on risk aversive sentiments, further upside may be limited as EUR.CHF is approaching SNB’s threshold at 1.2000.

What are today’s key EUR/CHF levels? 

Today's central pivot point can be found at 1.2061, with support below at 1.2052, 1.2045 and 1.2036, with resistance above at 1.2068, 1.2077 and 1.2084. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2066 and the daily 20EMA bearish at 1.2076. Hourly RSI is bearish at 48.

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