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EUR/CHF is dancing around 1.2130 pivot

FXStreet (Moscow) - EUR/CHF is consolidating at the pivotal support of 1.2130 after an initial attempt to break lower; current Asian low is set at 1.2129

Technicals, fundamentals or risk?

There were two factors that smashed EUR/CHF down on Tuesday: first, it was dreadful ZEW indicators that dropped substantially below forecasts both in Germany and in Eurozone as a whole. This news put the single currency on selling spree across the board; the second factor is related to geopolitics (again) as Russian humanitarian convoy to Eastern Ukraine spurred a lot of speculations about military aid in disguise. Though as long as 1.2130 support is valid, old range is our best friend. A host of CPI numbers from core EZ countries together with Swiss ZEW published later today, might make the cross movements more lively, but within the range. From the technical point of view 1.2130 is still the key as the bears need a sustained break below this level to open up the way towards 1.2100.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2136, with support below at 1.2127, 1.2120 and 1.2111 with resistance above at 1.2143, 1.2152 and 1.2159. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2135 and the daily 20EMA bearish at 1.2151. Hourly RSI is bullish at 56.

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