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EUR/CHF going in circles around 1.2100 pivot

FXStreet (Moscow) - EUR/CHF dipped to Asian low 1.2099, but the movement was not sustained as the cross returned to the area marginally above 1.2100. Currently, the cross is trading at 1.2102 with bearish bias.

EUR/CHF is not ready for a further trip below 1.2100

EUR/CHF clinches to 1.2100 support as the cross was quick to recover from an epic drop to multi-months low of 1.2086 - for the first time since the beginning of 2013. Though the bearish sentiments are still strong as the cross has drifted to 1.2100 from the weekly high set on Tuesday at 1.2115. The bears has been inspired by EUR/USD sell-off and a rush to safety, though they need to get EUR/CHF back below 1.2100 on daily basis to continue their trip to the South. Otherwise, the cross will go on consolidating in its recent range with the upside limited by current weekly high of 1.2115.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2108, with support below at 1.2100, 1.2094 and 1.2086 with resistance above at 1.2114, 1.2122 and 1.2128. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2117 and the daily 20EMA bearish at 1.2131. Hourly RSI is bearish at 37.

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