EUR/CHF is testing 1.2150...hopelessly, endlessly

By FXstreet.com | August 07, 2014 AAA

FXStreet (Moscow) - EUR/CHF is trying hard to recover from Wednesday’s low of 1.2138, but it has managed only 1.2151 high so far; 13-pips rally is hardly impressive, while 1.2150 resistance area may terminate it for good

Euro. How to live without hope

EUR/CHF got slashed by the recent EMU Service PMI, coupled with the worse than expected German factory orders data. The latter confirmed the recent fears that Germany got hit by escalating tensions with Russia, as the report shows the reduction of orders two months in a row. It looks like a trend, and more weakness may be in store. In such environment, the scheduled for today Draghi’s press conference will be deeply scrutinized in order to see any hints on additional stimulus needed. If the market finds what it wants, the pair may get under additional pressure with 1.2130 support in store.

What are today’s key EUR/CHF levels?
Today's central pivot point can be found at 1.2150, with support below at 1.2135, 1.2125 and 1.2110 with resistance above at 1.2160, 1.2175 and 1.2185. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2159 and the daily 20EMA flat at 1.2157. Hourly RSI is bullish at 53.

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