EUR/CHF recovered from early losses

FXStreet (Moscow) - EUR/CHF touched current Asian low at 1.2189 after opening at 1.2196

EUR/CHF capitulates

Finally, EUR/CHF gave in to general EUR trend and slumped below 1.2200 on the back of euro selling across the board. More importantly, CHF strengthened despite positive European stock market dynamics. The cross continued to fall early in Asia and came close to important support level of 1.2190. If the bears manage to break below, the downside may be extended to 1.2170. The short-term upside correction will be limited by 1.2200.

What price levels and patterns have to be considered?

Current price is 1.2197, with resistance ahead at 1.2197 (Hourly 100 SMA), 1.2197 (Daily Open), 1.2198 (Hourly 20 EMA), 1.2202 (Daily High) and 1.2202 (Daily Classic PP).

Support below can be found at 1.2193 (Daily 20 SMA), 1.2191 (Yesterday's Low), 1.2190 (Daily Low), 1.2190 (Hourly 200 SMA) and 1.2186 (Weekly Classic PP).