EUR/CHF heads towards 1.2060 support

FXStreet (Moscow) - EUR/CHF  retraced towards 1.2069 after having set the Asian high at 1.2075; the cross is consolidating in a rage with bearish bias ahead of European opening

It looks like EUR/CHF is going to have the second bearish weekly close in a row. The pair dipped to 1.2060 support zone on Wednesday on the back of growing anti-risk sentiments. Traditionally, Swiss currency is regarded as a safe-heaven during market turbulence. The International Monetary Fund cut its global-growth forecasts, while both European and US macroeconomic data left much to be desired. It means that CHF may continue growing against EUR. Later during European hours don’t miss Swiss SECO economic forecasts. While the reaction to the report is usually muted, lower than expected readings might limit EUR/CHF downside for a while. The key support level is seen at 1.2060, while the resistance is spotted around 1.2080.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2071, with support below at 1.2058, 1.2049 and 1.2036 with resistance above at 1.2080, 1.2093 and 1.2102. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2101 and the daily 20EMA bearish at 1.2089. Hourly RSI is bearish at 41