EUR/CHF is recovering; eyes on 1.2200 again

FXStreet (Moscow) - EUR/CHF recovers from losses as the cross opened at 1.2182 and touched Asian high at 1.2189

CHF reacts to Draghi

Swiss CPI came out largely unchanged and was left largely unnoticed by the markets as EUR/CHF continued to consolidate close to its opening levels on Thursday. The ECB monetary policy decision brought in some excitement due to EUR selling across the board. The cross dropped to 1/2172, but managed to recover to 1.2182 by the end of the day. Today both Swiss and European calendars are next to empty, so EUR/CHF traders should look for clues in geopolitics. Cross is positively correlated with the European stock market so eased geopolitical fears and EZ stock growth will help the cross to keep close to 1.2200.

What price levels and patterns have to be considered?

With spot trading at 1.2186, we can see next resistance ahead at 1.2188 (Weekly High), 1.2189 (Weekly Classic PP), 1.2189 (Hourly 200 SMA), 1.2190 (Daily 20 SMA) and 1.2192 (Daily Classic R1).

To the downside we see next support at 1.2185 (Hourly 20 EMA), 1.2184 (Daily Open), 1.2182 (Daily Classic PP), 1.2180 (Hourly 100 SMA) and 1.2179 (Daily Low).

Looking to candlestick patterns, we can see a Doji formation on the 1-hour chart .