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EUR/CHF grinds its way lower

FXStreet (Moscow) - EUR/CHF  dipped to 1.2030 in Asia before recovering to 1.2037; investors are scared by possible SNB’s interventions as 1.2000 threshold is getting closer.

EUR/CHF finished the fifth consecutive day in red and touched new lows at 1.2030 during Asian hours on Thursday. While cross is getting dangerously close to the SNB’s threshold (1.2000) whispers about looming SNB’s intervention are getting louder. The head of the central bank Jordan claimed that positive vote on gold initiative would make it harder to defend the cap. Later during the day the cross may be smashed by EUR sell-off if the ECB chooses to be more dovish than expected. On the downside keep an eye at 1.2030. Once it is broken, the downside may be extended towards 1.2010/00. The upside may be limited by 1.2050.

What are today’s key EUR/CHF levels? 

Today's central pivot point can be found at 1.2040, with support below at 1.2030, 1.2024 and 1.2014, with resistance above at 1.2046, 1.2056 and 1.2062. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2621 and the daily 20EMA bearish at 1.2064. Hourly RSI is bearish at 44.

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