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EUR/CHF bears tease SNB

FXStreet (Moscow) - EUR/CHF  recovered towards opening level around 1.2044 after having dipped to 1.2031 in Asia. The cross is trying to stage a recovery early in Europe, but bullish momentum is weak

EUR/CHF broke free from its tight range yesterday. The cross cracked 1.2055/50 support zone and dipped to 1.2043 - low enough to start worrying about SNB’s reactions. But the sell-off resumed in Asia today. Supposedly, the key driver behind the movement is the results of US mid-term elections. Republicans gained control of both Houses for the last two years of Obama’s Presidency. This news pushed USD higher across the board and triggered EUR sell-off. While downside was short-lived, the cross is vulnerable to new losses as long as it trades below 1.2050 pivot

What are today’s key EUR/CHF levels? 

Today's central pivot point can be found at 1.2051, with support below at 1.2040, 1.2032 and 1.2021, with resistance above at 1.2059, 1.2070 and 1.2078. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2621 and the daily 20EMA bearish at 1.2059. Hourly RSI is bearish at 44.

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