Swissy got some help from the euro and stocks

By FXstreet.com | July 14, 2014 AAA

FXStreet (Moscow) - USD/CHF opened the day at 0.8919, switched to rising mode reaching 0.8930 area, but rushed lower to 0.8910 on European markets opened firm.

Listen to Draghi

The pair moved lower influenced by the sharp euro rise on the European stock markets opened firmer. It look like it has more speculative nature, and the momentum may disappear soon. Although we saw recently the Swissy stuck in narrow range looking for more catalysts to move on, the current week will present more than enough for the pair to react. The looming industrial production from the euro zone is the least of them and may be ignored by the market, however, the scheduled for tonight Draghi’s speech is the one to be focused on, as the recent rumors on another wave of sovereign debt crises may make him be more dovish. In this case the swissy may come under additional pressure with 0.8947 resistance in store.

What are today’s key USD/CHF levels?

Today's central pivot point can be found at 0.8923 with support below at 0.8910, 0.8899, and 0.8886, with resistance above at 0.8934, 0.8947, and 0.8958. Hourly Moving Averages are largely neutral, with the 200SMA at 0.8921 and the daily 20EMA flat at 0.8928. Hourly RSI is bullish at 51.

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