EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
EUR/CHF gets some help
2019-11-11 • Updated
BUY 1.0920; TP 1.0960; SL 1.0905
It turns out that the Swiss National Bank is buying foreign currency in order to limit the appreciation of the CHF. The main currency pair which is monitored by the central bank is EUR/CHF. Yesterday, the pair formed a hammer-like candlestick on D1 - a sign of a potential bullish correction. The pair will retain chances of such a move as long as it’s trading above the 50-hour MA in the 1.0910 area. The target is at 1.0960 (50% of the July-August decline, July low).
EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.
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