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EUR/CHF bears playing with fire

FXStreet (Moscow) - EUR/CHF is sandwiched between 1.2114 and 1.2120 during sleepy Asian hours; the cross is consolidating Thursday losses

1.2100 is dangerously close

EUR/CHF bears proved to be ambitious enough to drive cross to 1.2109 lows on Thursday, at arms’ length from the critical level of 1.2100. It is not clear what is driving CHF higher against EUR from the fundamental point of view, thus, we believe that this movement might be more of technical nature as the breakthrough of the pivotal level of 1.2130 triggered lots of stops and caused position adjustment. The next key support comes at 1.2100, most likely it will stop the bearish assault for the time being. The bulls desperately need to get above 1.2130 again to retrieve a defeat. Fat chance they’ll do it today!

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2120, with support below at 1.2106, 1.2096 and 1.2082 with resistance above at 1.2130, 1.2144 and 1.2154. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2141 and the daily 20EMA bearish at 1.2146. Hourly RSI is bearish at 39.

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