Catch 22 at 1.2200 for EUR/CHF

FXStreet (Moscow) - EUR/CHF is trading at its opening level of 1.2214; the cross is locked in 10-pips range

Brave Swissy peeked over 1.2200 again

It was fun to observe splashes of volatility in normally phlegmatic EUR/CHF (if movements within 30-pip range can be regarded as volatile, of course). Anyway, the cross climbed to 1.2228 (it’s the highest level since the end of March) in early European hours only to drop below 1.2200, by the start of the American session. Actually, it is a reversed version of EUR/USD dynamics and a good reflection of risk sentiments in Europe. Today the economic calends in Eurozone is nearly empty (we have only trade balance data that are unlikely to affect the cross), so EUR/CHF might continue consolidating around 1.2200. Investors might decide to take their money out of the risk assets ahead of the weekend, but we do not believe that these flows would be huge enough to pressure the cross substantially down.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2214, with support below at 1.2196, 1.2178 and 1.2160 with resistance above at 1.2232, 1.2250 and 1.2268. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.2194 and the daily 20EMA at 1.2196. Hourly RSI is bullish at 56