EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/CHF broke key resistance level 1.1610
2019-11-11 • Updated
- EUR/CHF broke key resistance level 1.1610
- Next buy target - 1.1750
EUR/CHF continues to rise after the earlier breakout of the key resistance level 1.1610 (top of the previous minor correction B and the former strong support level from November and December). The breakout of the resistance level 1.1610 accelerated the active C-wave of the intermediate ABC correction (B) from February. EUR/CHF is expected to rise further toward the next buy target at the next resistance level 1.1750 – followed by 1.1800.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.