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Forex pairs in this Article » EUR/USD, USD/CHF, USD/JPY (Moscow) - EUR/CHF started the day at 1.2330 and now hugs the resistance level of 1.2350 as the bulls drive the cross higher.

CHF weakness is all about EUR/CHF strength

EUR/CHF kept close to 1h 50EMA all day yesterday, but Asian traders breathed in new life in the cross on Tuesday morning. We feel that this upside has more to do with CHF weakness than with Euro strength. The Swiss currency is driven down by risk-on environment as it is one of the most popular funding currencies. Asian stock market is growing and the currencies like JPY and CHF are moving down. This is natural. Though the single currency may gain ground later today, if German ZEW comes out in line with forecasts or better than excepted. No significant Swiss data is published today, so the movements of the cross will be determined by risk sentiment and technical factors. The upside dynamics of the cross is likely to be limited by 1.2370, while the support is seen at 1.2320.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2332, with support below at 1.2320, 1.2307 and 1.2295, with resistance above at 1.2345, 1.2357 and 1.2370. Hourly Moving Averages are bullish, with the 200SMA at 1.2341 and the daily 20EMA at 1.2313. Hourly RSI is neutral at 73.55.
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