EUR/CHF performed bullish breakthrough and stopped

FXStreet (Moscow) - EUR/CHF tried to poke at 1.2160 resistance, but managed to climb only to 1.2161 so far (current Asian high). Further upside may be limited ahead of key risk events of the day.

Out of range but not out of woods yet

Markets are too complacent about geopolitical risks. That’s why they let EUR/CHF break higher from the range. With two bloody wars at hand and a nail biting tension between the West and Russia risk sentiment is ridiculously optimistic. I wonder, what is going to be the last straw that will break the camel’s back? More suctions, more deaths, more downs planes? Anyway, the situation may change dramatically any minute, but for now we are witnessing EUR/CHF rise that broke free from its recent tight range and neared to the next significant resistance of 1.2160. If it is taken out, the cross might continue the upside at least to 1.2170, while the failure here will return us to 1.2150 pivot followed by 1.2140 support.

What are today’s key EUR/CHF levels?

Today's central pivot point can be found at 1.2158, with support below at 1.2149, 1.2138 and 1.2129 with resistance above at 1.2169, 1.2178 and 1.2189. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2150 and the daily 20EMA flat at 1.2153. Hourly RSI is bullish at 58.