EUR/CHF Consolidating on top of the 200-day SMA

by Admin

Awards 2013

EUR/CHF Daily chart 4/8/2013 9:15AM EST

EURCHF

Directionless: Following the rally in 2012 away from the 1.20 SNB floor, the EUR/CHF came up to the 1.2567 level. Then after a downswing to start the year, the EUR/CHF has been without direction. It now sits above the 200-day SMA in consolidation.

The consolidation is really between 1.2185 resistance pivot, and the 1.2118 support pivot. A break out of these levels should give some short-term direction.

The prevailing short-term direction has been indeed bearish. A break below 1.2118 could open up the 1.20-1.2030 key support area.

Above 1.2188, the daily chart would reflect continuing respect of bottoms put in above the 1.20 floor. To the upside, there is a support/resistance pivot around 1.2255, then a resistance pivot around 1.2389.